Top Global Market Stories
The dollar was mostly higher on Wednesday, after Chinese first quarter growth data came in slightly above estimates, while the Canadian dollar suffered following a dovish rate statement from the Bank of Canada. This mornings data from China buoyed the market, with The Chinese Republic posting a 7.4% gain in gross domestic product for the […]
Top Trade Ideas
The pound extended its gains this morning following the release of some cheerful jobs data out of the UK. The GBP/USD climbed to an initial high of almost 1.6820, which was the previous 2014 high, while the EUR/GBP nearly dropped to last week’s low of 0.8230. Both pairs then paused for a breather as investors […]
MT4 Trading & Education
Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 5 minute video, I’m going to show you how to interpret backtesting results in MetaTrader 4. You can follow along using a free OANDA demo account by clicking the link below this video. Register For A Free OANDA Demo Account Video Script: Before we […]
By Ilya Spivak,
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
- Resistance: 1.3905 (Apr 11 high)
The Euro has turned lower anew against the US Dollar having found resistance just above the 1.39 figure. Prices are testing support at 1.3793, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.3758. Near-term resistance is at 1.3905, the April 11 swing high.
We continue to see the long-term fundamental outlook as favoring Euro weakness against the greenback. Risk/reward considerations ague against entering short with prices sitting squarely at near-term support however. With that in mind, we will remain on the sidelines for the time being, waiting for a more attractive selling opportunity to present itself.
Bitcoin rises as high as 545 this morning, but has retreated to around 500. Let’s take a closer look at the current BTC/USD H4 chart below (click to expand): I’ve performed the Fibonacci study from the low of the month at 382, until the high of the month at 545. […]