Economic Calendar Headlines on Wednesday
1. Eurozone Consumer Confidence: The data measures the level of consumer confidence in economic activity. It is expected to an outcome of -6.7. A lower than expected reading should be taken as negative for the single currency.
2. US Crude Oil Inventories: US Crude oil stocks are expected to rise by 2.232M this week. Note that oil stocks rise by 9.281M barrels last week.
Technical Analysis:
EUR/USD: The EURUSD pair found sellers from the 1.1165 daily resistance level and then dropped to the key support level of 1.1114. If the price stays above 1.1114, on a four hourly basis, the fall may pause and we will see 1.1165 as resistance level again. On the downside, if the price drops below 1.1114, we will follow the next support level at 1.1052
Support : 1.1114 - 1.1052 - 1.0979
Resistance : 1.1165 - 1.1237 - 1.1307
GBP/USD: Focus on the 1.2838 main support level in the GBPUSD pair. If the price stays above 1.2838 on a four hourly basis, we will watch the resistance level at 1.2947 again. On the other hand, if the pair drops below 1.2838, we will face the support level at 1.2768.
Support : 1.2838 - 1.2768 - 1.2671
Resistance: 1.2947 - 1.3046 - 1.3136
USD/JPY: The USDJPY pair dropped below the 108.52 daily level. if the price stays below 108.52 on a daily basis, we will support levels at 108.14 and 107.82. In contrast, If the pair goes above 108.52, we will see the next resistance level at 108.79.
Support : 108.14 - 107.82 - 107.52
Resistance: 108.52 - 108.79 - 109.09
GOLD: The gold price is moving up towards the 1492 main resistance level. In order for the rise to gain more momentum, it needs to break out and stay above 1492 on a daily basis. At this point, the next resistance level will be at 1509. Otherwise, the key support level will be found in 1478.
Support: 1478 - 1466 - 1453
Resistance: 1492 - 1509 - 1524
EUR/GBP: Focus on the 0.8629 daily support level in the EURGBP pair. If the pair stays above 0.8629 on a daily basis, we might see an upward movement and we will face the daily resistance level at 0.8839. On the other hand, if the price breaks down below 0.8629, the next support level will be at 0.8488.
Support: 0.8629 - 0.8488 - 0.8316
Resistance: 0.8739 - 0.8796 - 0.8846
DOW30 futures: The Dow30 futures index is now trading above the 26660 daily support level. As long as the index stays above 26660 on a daily basis, the key resistance level can be seen at 26905. In contrast, if the price breaks down below 26660, we will see 26416 as the next support level.
Support: 26660 - 26416 - 26073
Resistance: 26905 - 27121 - 27340
WTI: Keep your eye on the 54.68 main resistance level in the crude oil price. In order for the rise to gain more momentum, it needs to break out and stay above 58.68 on a daily basis. At this point, the next resistance level will be at 56.40. Otherwise, the key support level will be found in 53.51 again.
Support: 53.51 - 52.19 - 51.08
Resistance: 54.68 - 56.40 - 57.98