Top Global Market Stories
Talking Points: EURUSD breaks below key $1.0800 support, now eyes $1.0612. EURGBP, EURJPY lose respective uptrends from March lows. See the March forex seasonality report for trends in the QE-era. Short-term technicals are realigning with longer-term bearish inclinations across the EUR-complex. EURUSD’s H4 MACD and Stochastic bearish crossovers have appeared alongside price losing its uptrend […]
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Many traders will refuse an each way bet. That is, if a trade goes against them, they won’t reverse and go in the new direction. Usually this is a result of at least one painful “whipsawing” as an inexperienced trader. Yet experienced traders know when to break the rules,, and the Mexican peso’s positioning at […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.0806, 1.0456, 1.0244
- Resistance:1.1051, 1.1263, 1.1513
The Euro is digesting gains after rallying as expected against the US Dollar following the appearance of a bullish Piercing Line candlestick pattern. A daily close above the march 26 high at 1.1051 exposes the 38.2% Fibonacci retracement at 1.1263. Alternatively, a move below trend line resistance-turned-support at 1.0806 clears the way for a test of the 1.0456-541 area (March 16 low, the 23.6% Fib expansion).
Our long-term outlook calls for broad-based Euro weakness. With that in mind, we will treat any on-coming gains as corrective, looking to enter short at a more attractive level rather than a seeing the move higher as a buying opportunity. In the meantime, we remain flat.
Bitcoin is continuing the yo-yo price action. After yesterday’s gain of $7 dollars today we are down by $4. The cryptocurrency just can’t seem to string together a few days of either gains or losses. We have been trading between the $235 and $250 mark for the past few days. Here’s a chart of today’s […]