EUR/USD

With the beginning of a new month EUR/USD has hit a new three month low and went near to the 1.18 level. However, it managed to take the support at 23.6% retracement level and came back again above 1.1840 level. Throughout the last four weeks, it has been taking support of 50 EMA on a weekly chart. On the weekly basis, the next major support is at 100 EMA 1.1680, while on a daily basis; 1.18 will continue to provide strong support as on many occasions the pair has moved from that level. On the higher side, 1.1980 and 1.20 area will be the first resistance area.


Gold

Also hitting a new three month low of $1768 last week, Gold managed to rebound and trade above the $1793 level. Due to no major fundamental news around, Gold is trading and consolidating in a narrow range. The weak US dollar within the previous week helped the prices of Gold rebound from the lower range. Moving forward, it will wait for the FOMC data before it makes any clear move on either side. For the coming week, $1760 will continue to provide support on the downside while on the higher side 50 and 100 EMA level of $1815 will act as the major resistance


OIL

Oil is nearly trading at a 3 year high- near to $77.80 level. OPEC could not reach any deal for the production output, which is helping the OIL to rise to a multi year high level. Without any deal, Oil may continue to rise further. Technically, $80 is the rejection area, while in the event of any correction, the first major support is at 50 EMA on a daily chart which is at the $72 level.

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