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Oil prices fell sharply on Tuesday after official data showed China’s manufacturing sector, one of the main engines powering the world’s biggest energy consumer, contracted at its fastest pace in three years. China’s official Purchasing Managers’ Index (PMI) dropped to 49.7 in August from 50.0 in July, reinforcing concerns over the world’s second-largest economy. The […]
Top Trade Ideas
The USD recovered nicely against the EUR last week, clearly with five waves down which means that we are turning bearish again on EUR. However, firstly we need three wave bounce, before we can look for more weakness. Well, price can already be in a correction, but there is room for 1.131-1.1370 before downtrend may […]
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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.
The bitcoin market has calmed down a bit. In the past 24 hours, we’ve moved within a tight range of 7 dollars and 32 cents. The high is again near the $230 mark at $229.31. The low stands at $221.89, also close to the previous day’s lows near $222. We are currently quoted at $224.10 […]