Last week ended with gains in the cryptocurrency and gold markets, while Brent crude oil remained under pressure from sellers. The EUR/USD pair is showing signs of a downward correction. In the coming days, investors will be assessing whether these trends will continue, with a focus on monetary policy expectations and key macroeconomic releases, including US labour market data and comments from Fed and ECB officials.
💶 EUR/USD
The EUR/USD pair finished last week trading near 1.1300. Technical indicators point to the development of a bullish correction: the price broke above the area between the signal lines, confirming upward pressure from buyers. In the coming days, we expect an attempt to rise towards the resistance zone at 1.1535. However, from that level, a downward rebound is possible, followed by a renewed decline towards the area below 1.0745.
An additional signal favouring a fall is a test of the resistance line on the RSI, as well as a potential rebound from the upper boundary of the ascending channel. The bearish scenario will be cancelled if the pair breaks above 1.1765 — this would suggest continued growth towards 1.1985. A breakout and close below the support at 1.1135 would confirm a bearish reversal and signal a breach of the lower boundary of the bullish correction channel.
🟠 BTC/USD
Bitcoin (BTC/USD) ends the week at 96.970 and remains within an ascending channel. The technical setup continues to support further growth, though a short-term correction cannot be ruled out. In the coming days, we expect a move down to test support near 90405, followed by a potential rebound and continued growth towards the 125645 area.
Additional confirmation for the bullish outlook would be a rebound from the trend line on the RSI and the lower boundary of the ascending channel. A fall below 72005 would cancel the bullish scenario and indicate a decline towards 64505. A breakout above resistance at 99665 would confirm the continuation of the upward trend.
🛢 BRENT
Brent crude oil ended last week near $61.32 per barrel, remaining under pressure from sellers. Moving averages confirm a bearish trend. In the near term, we may see a rise towards the 68.25 resistance area, but a rebound from that level would likely lead to a renewed decline towards $49.85.
A test of the resistance line on the RSI and a rebound from the upper boundary of the descending channel would support the bearish scenario. The downtrend will be cancelled in the event of a strong breakout above 74.75, signalling a move towards 80.55. A close below 60.05 would further confirm the bearish outlook.
🥇 XAU/USD (GOLD)
Gold (XAU/USD) corrected to the 3241 area but remains within a bullish channel. Buying pressure persists, and we expect a test of support at 3155, followed by a potential rebound and continued growth towards the 3775 area.
A test of the trend line on the RSI and a rebound from the lower boundary of the bullish channel will serve as additional confirmation of the upward move. A fall and breakout below 3105 would cancel the bullish outlook and indicate a decline towards 2745. A breakout above resistance at 3375 would confirm the continuation of the bullish trend.
📌 CONCLUSION
The first full trading week of May is shaping up to be volatile, with traders watching macroeconomic data and technical setups closely. EUR/USD is showing signs of correction and remains vulnerable to downside risk. Bitcoin holds its bullish structure, despite possible pullbacks. Brent is still under bearish pressure, while gold retains potential for further gains. Trading with the trend while monitoring key confirmation levels remains a prudent strategy amid ongoing market uncertainty.
