Top Global Market Stories
It’s an election that refuses to play by the rules. The U.K. goes to the polls on May 7 and pollsters are still scrabbling for a reliable forecast – in fact, the calls about “how difficult it is to call” have fast become the cliché of the campaign. What can be said with certainty is […]
Top Trade Ideas
(Global FX Club) The EUR/USD rallied strongly last week opening at 1.0818 and closing the week at 1.1195 (over 350 pip gain). Though we expect additional gains in the medium term, we do not rule out a pullback in the euro against the U.S. dollar from around current levels as key technical resistance lies near […]
MT4 Trading & Education
Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 3 minute video, I’m going to introduce you to the Parabolic SAR indicator for MetaTrader 4. If you don’t already have a demo account, you can follow along for free with an OANDA account by clicking the link below this video. Register For A […]
- EUR/USD Technical Strategy: Flat
- Support: 1.0959, 1.0712, 1.0461
- Resistance:1.1266, 1.1515, 1.1764
The Euro paused to digest gains after rebounding as expected against the US Dollar after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1266, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.1515. Alternatively, a move back below the 1.0959-1.1040 area (23.6% Fib, March 18 high) clears the way for a test of the March 31 low at 1.0712.
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 is still struggling to rally, even after prices cleared the $238 resistance on OKCoin. On BTC-E, we have yet to clear the $243.86 swing high. Prices today got as high as $243.92 but quickly sold-off once the new high was reached. Here’s a 1 hour snapshot of today’s price action on BTC-E. On OKCoin, […]