Forex EUR/USD Daily Video, August 09, 2023

[Sive Morten]

Good morning,

EUR was stunned by Italy and US banking sector news yesterday. Now it is indecision and needs some time to get itself back. Our view EUR has more chances to keep dropping rather than follow the H&S, as it's shape was significantly damaged by recent performance:

 

[sveckar22]

Enjoy your vacation time

 

[sveckar22]

I am looking at his USOIL setup. XOP in confluence with 0.5 FIB on the Daily chart and possible 3 Drives on the intraday charts in the same area 80 - 80.5$

 

[Sive Morten]

I am looking at his USOIL setup. XOP in confluence with 0.5 FIB on the Daily chart and possible 3 Drives on the intraday charts in the same area 80 - 80.5$

Hi Luka,
Indeed, not only technically, but fundamentally oil has solid reasons to grow. As we've mentioned yesterday, analysts expect 92.5 area. But I think in longer term, it will creep even higher.

Concerning 85 area that you've mentioned, downside reaction could be, but due to fundamental background, hardly it will be reversal. Retracement seems more probable, besides, we're entering cold time fall-winter. It is very big deficit of heating oil and diesel as it is made from heavy Russian and Venezuelan oil which is in deficit.