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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 […]
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(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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By Ilya Spivak,
- EUR/USD Technical Strategy: Flat
- Support: 1.0712, 1.0461, 1.0246
- Resistance:1.1040, 1.1266, 1.1515
The Euro pushed higher against the US Dollar as expected following the appearance of a bullish Morning Star candlestick pattern. A daily close above the March 18 high at 1.1040 exposes the 38.2% Fibonacci retracement at 1.1266. Alternatively, a turn back below the March 31low at 1.0712 opens the door for a challenge of the 1.0461-1.0554 area (March 13 low, 23.6% Fibonacci expansion).
Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective in the context of a larger structural decline and look for opportunities to enter short after upward momentum has been exhausted.
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 […]