Daily Wrap Up – 7 August

The opening of the week was somewhat quiet, especially after the strong moves in the markets on Friday following strong US employment data. The economic calendar was not full of major economic events throughout the day.
The euro rose during today's trading to offset part of its losses on Friday to 1.1813 against the US dollar, but returned to trade below the levels of 1.18 and as long as trading below that level is expected to remain negative outlook for the euro targeting levels of 1.17.

Oil dropped from the highest level since Thursday at 49.67$ after rebounding from the falling trend line to the strong support level at 48.53$, which is also the lower line of the descending triangle, rising almost 65 cents and expected with a rebound from the trend line is to go down again towards the 46.70$ a barrel.

As for gold, currently prices are trying to exceed the upper line of the rectangle pattern on 30 minutes chart and we may see it heading to visit the resistance level at 1260$ before returning to the 1250$ an ounce level.