Top Global Market Stories
The AUDUSD pair is trading within a descending triangle formation, which has been respected yet again today with the rejection of a key resistance level. With price action having broken below a short term support, a bearish englufing pattern is pointing towards further downside to come. The four hour chart show that bearish engulfing pattern […]
Top Trade Ideas
Since mid-March, the euro has lost about 7% of its value against the Canadian dollar. This trend seems likely to continue but has paused around the 1.4441 level. While it seems poised to move higher in a countertrend move possibly towards the 1.50 level, we recognize the price action of the countertrend and see a […]
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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: Short at 1.3644
- Support: 1.3502-12, 1.3454, 1.3396
- Resistance:1.3583-607, 1.3650, 1.3689
The Euro declined against the US Dollar as expected after prices put in a bearish Evening Star candlestick pattern. A daily close below support in the 1.3502-12 area, marked by the 38.2% Fibonacci expansion and the June 5 low, initially exposes the 50% level at 1.3454. Alternatively, reversal back above the 1.3583-1.3607 zone (23.6% Fib, trend line) targets 1.3650 (July 10 high).
We entered short EURUSD at 1.3644 in line with our long-term fundamental outlook. We have sincebooked profit on half of the position. The remainder remains active with a stop-loss at the breakeven level to capture any further weakness in the days ahead.
Bitcoin prices are still moving around aimlessly between $600 and $633. Today, the range from high to low was a total of 4 dollars as BTC/USD slashed between $616 and $620. Here is today’s uneventful trading session on BTC-E. Since nothing new is going on at the price front, see yesterday’s roundup for the possible […]