Top Global Market Stories
The euro continued to rally against the dollar this morning after breaking above the descending yesterday, taking out last Friday’s highs early in the session before running into some trouble around the 50-day simple moving average. This was always going to be a tough obstacle, with the pair having traded below here for almost a […]
Top Trade Ideas
The Euro recently dropped out of a double top pattern against the Pound. Since moving below the double top support (“B”) , it has fallen by an amount almost exactly equivalent to 61.8% of the pattern height. 61.8% is the Fibonacci ratio and it’s quite common for price to stop at this point after completing […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.0712, 1.0461, 1.0246
- Resistance:1.1040, 1.1266, 1.1515
The Euro is trying to mount a recovery against the US Dollar as expected after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1040, the March 18 high, with a break above that on a daily closing basis exposing the 38.2% Fibonacci retracement at 1.1266. Alternatively, a move back below the March 31 low at 1.0712 clears the way for a test of the 1.0461-1.0554 area (March 13 low, 23.6% Fibonacci expansion).
We see the Euro trend as broadly bearish, in line with our long-term outlook. As such, we will approach on-coming gains as corrective in the context of a larger structural decline and position for opportunities to enter short after the move higher is exhausted. In the meantime, we remain flat.
Bitcoin added to yesterday’s losses. After opening at $226.28 everyone’s favorite virtual currency fell to $217 per coin. Here the red ink paused for a few hours but near the end of the session, the losses continued and BTC/USD hit a new two-month low of $210.86. From here we retraced somewhat and we are currently […]