The pair is declining amid rising crude oil prices and hopes that this trend will resume this year following the updated forecasts of a possible increase in crude oil prices to $65 per barrel.
Technical side:
The price is located above the middle Bollinger band, below SMA 5, but …
The currency pair is trading in the range of the upper limit of the descending price channel. The inclined channel of the ascending pattern is broken. Stochastic Oscillator indicator signals overbought conditions. A breakout of 104.08 will result in the formation of a descending pattern of 1-2-3.
Monday, January 11th, today’s news—pessimism returns to the markets as China reports the highest number of new cases in five months. European and American markets are down, oil is lower, Treasury yields and dollar rise. The price of Brent oil is $55.45, WTI—$51.99, EUR/USD is at 1.2186, GBP/USD—1.3510, gold is $1,849.40 per …
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