​Technical Analysis Of The FTSE 100 As It Retraces Lower While EUR/USD And WTI Advance.

(MENAFN- DailyFX (IG)) ​FTSE 100 slips

​The FTSE 100 is back in risk-off territory as markets digest the ongoing naval blockade of the Strait of Hormuz.

​The UK blue chip index so far remains above its Wednesday-to-Friday lows of last week at 10,548-to-10,536, though. While this remains the case, Friday's high at 10,697 remains in sight.

​Short-term outlook: consolidating while below the current April high at 10,724

​Medium-term outlook: bullish while above the 7 April low at 10,329

FTSE 100 daily candlestick chart Source: TradingView EUR/USD dips but remains bullish

EUR/USD ​ is expected to resume its advance, having slid to $1.1729 before recovering towards the $1.1800 region.

​Were a drop through $1.1729 to be seen, though, the 200-day simple moving average (SMA) at $1.1673 may be back in the frame but may act as support.

​Short-term outlook: bullish while above the 20 April intraday low at $1.1729

​Medium-term outlook: bullish while above the 6 April $1.1506 low

​EUR/USD daily candlestick chart Source: TradingView ​WTI rallies once more

​Reignited tensions in the Middle East has pushed the price of crude back up again, to around $88 per barrel with the April resistance line at $89.90 so far capping the upside.

​While this remains the case, the 23 March low at $84.37 may be revisited. Below it meanders the 55-day simple moving average (SMA) at $82.97 which may also offer interim support.

​Resistance above $89.90 can be spotted at the 8 April $91.05 low and also at the 16 April $95.44 high.

​Short-term outlook: bearish while below the 16 April $95.44 high

​Medium-term outlook: toppish while below the 13 April high at $105.63

WTI daily candlestick chart Source: TradingView Important to know

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