Technical Analysis Of The FTSE 100 As It Tries To Find Support While EUR/USD, WTI Recover From Last Week's Lows.

(MENAFN- DailyFX (IG)) FTSE 100 tries to find support

The FTSE 100 is trading at one-week lows and is trying to hold above its 55-day simple moving average (SMA) at 10,349 whilst attempting to overcome minor resistance at the 10,400 mid-May high. If successful, the 10,417-to-10,494 resistance area may be reached next, together with the mid-April low at 10,494.

Were a slip through the 55-day SMA to be witnessed, however, the early April low at 10,329 may be reached instead. Further down lies the 11 May low at 10,287.

Short-term outlook: bearish while below the 28 May high at 10,499

Medium-term outlook: neutral with a bullish undertone while above the 18 May low at 10,113

FTSE 100 daily candlestick chart Source: TradingView EUR/USD tries to recover further

EUR/USD seems to be in the process of recovering from its May six-week low at $1.1577 with the 200-day simple moving average (SMA) at $1.1681 remaining in sight. If exceeded it and the 29 May high at $1.1685 were to be exceeded, the 8 May low at $1.1722 may be reached next.

A fall through the May $1.1577 low may push the $1.1550 region to the fore.

Short-term outlook: bullish while above $1.1577, targeting the $1.1720 region in the first instance

Medium-term outlook: neutral while below $1.1849 but above the $1.1577 May trough

EUR/USD daily candlestick chart Source: TradingView WTI bounces back

WTI reversed its short-term trend from last week's $86.35 per barrel six-week low and has so far risen above the $90.00 mark. The early April low at $91.05 may also be reached. If overcome on a daily chart closing basis, the $94.73-to-$95.44 resistance zone may be retested.

A fall through the late May $86.35 low would put the 23 March low at $84.37 on the map. Minor support above this level may be spotted around the $88.66 early May low.

Short-term outlook: bearish while below the 18 May $105.21 high

Medium-term outlook: neutral with a bearish bias while above the $78.97 April low but below the March peak at $119.48

WTI daily candlestick chart Source: TradingView Important to know

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