Top Global Market Stories
U.S. oil futures settled lower after a volatile trading on Monday as the conflict in Yemen and falling U.S. rig counts lent some support, while ample global supply kept market participants cautious after prices reached 2015 peaks last week. U.S. June crude closed down 16 cents, or 0.28 percent, at $56.99 a barrel. Brent June […]
Top Trade Ideas
(Global FX Club) The GBP/JPY remains in focus to start off this week as the pair slithers its way into a tight congested zone, with resistance located at the 181.00 – 181.90 area, and trend line support around 179.80. Indeed, last week we called for higher levels in the pair, with a turnaround to follow […]
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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 continues to push higher against the US Dollar having reversed 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 rallied over $20 dollars since reaching a low of $210.86 yesterday. After opening at $217.35 BTC/USD dipped slightly to $215 flat. However in the afternoon trading session bitcoin’s fortunes turned as the virtual currency gained over $17 dollars to hit a daily high of $232.44. We have since eased up somewhat with BTC quoted […]