EUR/USD, GBP/USD, USD/JPY, Gold, Oil, SPX500 Weekly Technical Outlook

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Weekly Technical Trade Levels on USD Majors, Commodities & Stocks

In this webinar we take an in-depth look at the technical trade levels for the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Crude Oil (WTI), and Equity Indices. These are the levels that matter on the technical charts into the weekly open.

Euro Price Chart – EUR/USD Daily

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Chart Prepared by Michael Boutros, Sr. Technical Strategist; EUR/USD on TradingView

Euro is rebounded off confluent support last week at the April high near 1.1573. The recovery has now extended more than 1.1% off the monthly low and the focus is on initial resistance at 1.1726/47- rallies should be limited to this threshold IF Euro is heading lower with near-term bearish invalidation now set to the monthly open at 1.1787. Initial support rests with the 2016 high as 1.1616 with a break / close below March trendline needed to suggest a more significant correction is underway. The European Central Bank (ECB) interest rate decision is on tap Thursday with the central bank widely expected to leave rates unchanged. Watch the weekly close here. Review my latest Euro Weekly Forecast for a closer look at the longer-term EUR/USD technical trade levels.

Get our exclusive guide to EUR/USD trading in 2025

Gold Price Chart – XAU/USD Daily

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Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView

Gold is attempting to breach resistance today at the 61.8% retracement of the April decline / record high-day close (HDC) at 3355/80- watch the close. The advance marks a breakout of the July opening-range and a topside breach here exposes the record high-close at 3432 and the record highs at 3500. Initial support now back at 3355 with bullish invalidation steady at the objective monthly open at 3303.

Get our exclusive guide to gold trading in 2025

Economic Calendar – Key USD Data Releases

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Economic Calendar - latest economic developments and upcoming event risk.

--- Written by Michael Boutros, Sr Technical Strategist

Follow Michael on X @MBForex

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Economic Calendar