Brent oil price returned to decline clearly after testing the bearish channel’s resistance that appears on the chart, to settle below 62.95 level again, which keeps our bearish overview valid and active for the upcoming period, supported by the negative pressure that the EMA50 continues to provide, waiting to head towards 60.30 that represents our next main target.

On the other hand, we should note that breaching 62.95 followed by 64.00 levels will stop the expected decline and lead the price to turn to rise.

The expected trading range for today is between 61.00 support and 64.00 resistance.

The expected trend for today: Bearish

Previous Analysis

Next Analysis

Main

Forex

Indices

	Symbol	Last	Change	Chg.%
	EUR/USD	1.2062	0.0009	0.0738%
End of day analysis for the EURUSD 06-05-2021
	GBP/USD	1.3894	0.0000	0.0032%

	Tadawul	10228.35	-26.53	0.26%

	Silver	27.317	0.798	3.011%

	Oil	64.790	0.880	1.377%
End of day analysis for Crude oil 06-05-2021
	Brent Oil	68.12	-0.83	1.20%

	Gold	1814.960	25.375	1.418%
End of day analysis for Gold 06-05-2021

Live Forex Updates

US unemployment claims fall below 500,000 for first time since the pandemic

2021-05-06 12:58:15 GMT

Dollar falls ahead of unemployment claims data

2021-05-06 11:26:13 GMT

Sterling holds above 1.39 ahead of BoE decisions

2021-05-06 08:40:46 GMT

Dollar steadies after US private sector jobs data

2021-05-05 19:27:38 GMT

Risk Disclaimer: Economies.com is a financial portal that provides news and analysis about the different financial markets. The articles that we serve on the portal depend solely on the opinion and analysis of our economists which in no way are intended to incite a visitor of the website or an investor to trade or sell/buy a certain instrument. It is the responsibility of the visitor / trader only to evaluate his trading strategies and whether he is capable of trading with taking into consideration that losing all the capital invested is a possibility. The visitor should seek an independent professional financial advisor to discuss his or her trading strategies. Moreover, the provided rates for the different instruments are indicative only and cannot be used for trading purposes. Therefore, no responsibility can be imposed on Economies.com and the company operating the portal for any loss of money that may occur to the visitor by using the website.