Top Global Market Stories
Central Bank Action and NFP to Start the Last Month of the Year The month of December will bring plenty of economic data and monetary policy statements for a currency market that is trading with high levels of uncertainty as geopolitical situations escalate. Next week alone will have the central banks of Australia, Canada and […]
Top Trade Ideas
In a contest between two weakening currencies, who wins? In the current environment, the currency with the largest central bank. I’d back the RBA to box well above its weight, but it’s just not in the same category as the ECB. A continuation of the current downtrend in EUR/AUD seems likely, and even Leonardo Bonacci […]
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: Short at 1.1057
- Break of 7-Month Trend Line Support Hints Long-Term Euro Down Trend Resuming
- Short Trade Triggered, Initially Targeting Move Back Below 1.10 Figure vs. US Dollar
The Euro looks to be resuming its long-term down trend against the US Dollar after a break of support marked by a rising trend line set from mid-March. Prices topped and turned lower as expected after putting in a bearish Dark Cloud Cover candlestick pattern.
From here, a daily close below the October 23 low at 1.0996 opens the door for a test of double bottom support marked by the May 27 bottom at 1.0818. Alternatively, a move back above the trend line and horizontal support-turned-resistance at 1.1118 clears the way for a challenge of the 38.2% Fibonacci retracement at 1.1187.
We will now enter short, initially targeting 1.0996. A stop-loss will be activated on a daily close above 1.1118. We will take profit on half of the position and trail the stop-loss to the breakevenlevel once the first objective is reached.
Bitcoin is trading strongly higher today and is now within striking distance of the upper breakout point. On BTC-E we opened at $351.59 and slowly gained ground all day, with very little retracement. By the end of the day a price of $363.91 was hit. In the new session we saw a continuation of the […]