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OPEC needs to reduce crude output by at least 500,000 barrels a day, Libya’s governor to the group said, the first time since prices plunged into a bear market that a representative from a member nation has suggested how much production should be cut. Oil markets are oversupplied by about 1 million barrels a day, […]
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It is time to give the old audusd a bit of credentials to the upside as from my point of view market is screaming to break higher out of the contracting triangle that can be seen at the bottom of the chart in the above picture. The whole move seems to be a d wave […]
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Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 3 minute video, I’m going to introduce you to the Parabolic SAR indicator for MetaTrader 4. If you don’t already have a demo account, you can follow along for free with an OANDA account by clicking the link below this video. Register For A […]
- EUR/USD Technical Strategy: Pending Short at 1.2710
- Support: 1.2500, 1.2316, 1.2140
- Resistance:1.2731, 1.2852, 1.3070
The Euro appears to be resuming the dominant down trend against the US Dollar after rebounding from the 1.25 figure, as expected. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion exposes the 38.2% level at 1.2316. Alternatively, a turn above channel support-turned-resistance at 1.2731 clears the way for a challenge of the 23.6% Fib retracement at 1.2852.
Risk/reward considerations are skewed against entering short at current levels and we will establish a pending order to sell the pair at 1.2710 in line with our long-term fundamental outlook. If triggered, the trade will initially target 1.2534 with a stop-loss activated on a daily close above 1.2886.
Bitcoin is currently quoted at $380, just $2 dollars weaker compared to yesterday. Prices first rallied to a high of $385 only to fall back to a low of $379 few hours later. Bitcoin is still in the middle of the emerging range between $362 and $388. The 1 Hour chart below that shows that […]