Brent Oil, S&P500 and EUR/USD in One Video Analysis!

Today, in our analysis we’ll look at one of the most popular commodities – Oil, one of the most popular indices – SP500 and the most popular currency pair – the EURUSD. This will be a short market video packed with stars and interesting trading opportunities.

Let’s start with Brent Oil, which is back to a bullish mode after last week’s correction. The correction was very technical. We had a wedge, which ended on the 23,6% Fibonacci. Very well played by traders. We finally have some sanity around this commodity.

Last week, the SP500 gave hope for sellers and then entirely took it away on Monday. After retracing the 23,6% Fibonacci, the price created a double bottom formation, which officially ended the bearish dream. With the current price action, new mid-term highs seem inevitable.

A handsome Head and Shoulders pattern can be seen on the EURUSD chart. This may end the bullish trend started by the breakout of the upper line of the symmetric triangle in the middle of May. Okay, maybe won’t end it but at least pause it. As long as the price stays at the 1.1 level the sentiment is positive.

For a look at all of today’s economic events, check out our economic calendar.