Oil Analysis: Potential Price Rise Ahead
The price of the currency pair EUR/USD is heading up, targeting the resistance area formed between levels 1.1000 and 1.1075. The asset’s price should eventually rebound from this zone. It might either remain at the level of 1.1000 or around the level of 1.1075, rebound, and drop. So, let’s follow the price movements to understand what might happen next.
The American stock index S&P500 broke the downtrend. Hence, it might potentially rebound to the broken trendline, jump, and hit the level of 4607. The broken downtrend can also become a broken flag, which can make this asset jump even higher. Time will tell whether this scenario is going to work out.
The price of Brent oil rebounded from the level of 78.45 and formed a bullish engulfing at the end of the last trading week. It might rise and face resistance at the level of 90.50 soon.
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