Weekly outlook covering EURUSD and NAS 100, with UKOIL analysis and key support and resistance levels shaping market expectations.
EURUSD hits support
The euro has taken a step back after a bullish rally for most of this month, adding over 300 pips. All eyes will be on this week’s ZEW economic sentiment to see if figures can shift out of the negative zone. With recent speculation that Europe only has six weeks of jet fuel left, the euro could be heading for a deeper correction if prices fail to hold the critical 1.1600 level. On the flip side, 1.1850 becomes the target ahead.
UKOIL remains pressured
UKOIL analysis shows Brent oil continues to trade higher after opening with another gap higher from the weekend. Adding to the bullish sentiment, a fresh breakdown in Iran-US talks, with Iran refusing to participate in a second round of negotiations. Multi-month highs have come into play on the chart, suggesting a long way back for black gold to revert to the post-conflict prices. The price was testing a fresh low at 88.00, with 104.00 being the first target for buyers.
NAS 100 slides lower
Stocks resumed their steep climb last week in the hope that peace talks would yield constructive results. However, with recent news that commercial ships have been attacked in the Strait of Hormuz, prices are expected to move lower once the American market opens. As we kick off the new week, the latest comments from the White House regarding their next step will be the main focus for investors. Price action looks to break below the 26000 area for some reprieve, with 26800 the target higher.
