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Crude prices traded in a narrow range on Thursday as optimism over equity markets helped offset a surprise increase in U.S. oil inventory levels and a firm U.S. dollar. A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, also helped hold oil prices […]
Top Trade Ideas
Looking to buy any dip below the 134 area as from my point of view what we’re seeing on the eurjpy pair is nothing but an impulsive move that ended around the 139 level and this means we should look for a correction. Time element being respected, the correcting started and because we had a […]
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- EUR/USD Technical Strategy: Flat
- Euro Finds Support Below 1.12 Figure, Attempts to Resume Recovery
- Waiting for Signs of Long-Term Down Trend Resumption to Get Short
The Euro is attempting to resume the upside correction launched a month ago against the US Dollar having found support above the 1.11 figure. Prices hit seven-month highs last week but failed to maintain momentum above the 1.17 mark. Still, the series of higher highs and lows carved out from the August 5 low remains intact.
Near-term resistance is now at 1.1368, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1501. Alternatively, a reversal back below the 14.6% Fib at 1.1287 initially clears the way for a test of the August 28 low at 1.1155.
The long-term EURUSD trend remains bearish. That paints the current upswing as well as the larger advance from lows in mid-March as ultimately corrective. With that in mind, we will remain on the sidelines until positioning produces actionable confirmation of down trend resumption.
Bitcoin is still within the bounds of the symmetrical triangle pattern discussed in yesterday’s article. The chart below shows the range during the past eight days marked with a yellow rectangle. The daily range for today on BTC-E is only $3.49 dollars. This is a low in volatility we haven’t seen since early July. Is […]