Nasdaq 100 keels over while EUR/USD recovers and WTI stays sidelined

​​​Nasdaq 100 is expected to slip 

​The Nasdaq 100 is expected to come off last week's 21,443 high and fall through Thursday's 21,168 low amid Moody's downgrade of the US' long-standing triple-A credit rating to Aa1 on Friday. 

​Potential downside targets are the 21,073-to-20,975 late January-to-early March daily lows and highs ahead of the April-to-May uptrend line at 20,793. 

​Were last week's high at 21,443 to be exceeded, the early January high at 21,703 would be next in line.

​EUR/USD tries to recover 

​EUR/USD continues to sideways trade but on Monday is trying to head higher towards its April-to-May downtrend channel resistance line and last week's high at $1.1248-to-$1.1265. 

​If overcome, the 23 April low at $1.1308 would be next in line. 

​The above scenario will remain in play while Friday's low at $1.1131 underpins. If not, the 55-day simple moving average (SMA) at $1.1082 and perhaps also the current May low at $1.1066 may be revisited instead.

​WTI remains sidelined 

​The WTI crude oil price's recovery from its early May $55.39 per barrel low, made close to the 4-year April $55.15 low, has taken it to last week's high at $63.86 before giving back some of its gains amid a potential nuclear agreement between the US and Iran. This development lead to the possibility of lifting US sanctions on Iranian oil exports, which could introduce a substantial increase in global oil supply, thus exerting downward pressure on the oil price. 

​For now, WTI range trades above last week's $60.11 low but below its April-to-May resistance line at $62.73. 

​A fall through the recent $60.11 and also the mid-April $59.90 lows could lead to the April-to-May lows at $55.39-to-$55.15 being retested. 

​A break through the resistance line at $62.73 would put last week's high at $63.86 back on the cards. 

A rise above this level would probably engage the key $64.13-to-$65.32 resistance area which consists of the 55-day SMA, September 2024 and March 2025 lows as well as the 23 April high. As such it is expected to withstand its first test at the very least.​​