Top Global Market Stories
Oil prices rose on Wednesday after data showed the market was beginning to tighten, with falling supply, higher demand and lower inventories after two years of heavy surplus. The U.S. government’s Energy Information Administration (EIA) said in a monthly report global oil demand should increase by its fastest rate in six years in 2016, suggesting […]
Top Trade Ideas
The gbpjpy cross is offering the possibility to trade a double combination to the upside and we do have a flat as the first correction, then a small x wave, only for market to form now either another flat (in which case the whole pattern is going to be called a double flat) or 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: Flat
- Euro Still Stuck in Quiet Consolidation Within Triangle Chart Formation
- Short Position Favored in Line with Long-Term Bias But Setup Still Absent
The Euro remains locked between the narrowing boundaries of a Triangle chart pattern as prices await a clear-cut directional spark. Prices lost momentum after hitting a seven-month high against the US Dollar in late August and have been unable to find lasting follow-through since.
Triangle top resistance is now at 1.1269. A daily closeabove this barrier clears the way for a challenge of the September 18 high at 1.1459. Alternatively, a dropbelow Triangle floor support – now at 1.1117– opens the door for a test of rising trend line set support set from mid-March, currently at 1.1018.
Needless to say, near-term positioning remains inconclusive. The multi-year trend continues to favor the downside however. With that in mind, we will continue to wait for a selling opportunity in line with the long-term trajectory, waiting on the sidelines in the interim.
After three straight days of gains and trading within a few dollars of the $250 mark, bitcoin eased up somewhat today. On BTC-E we fell by $3 dollars, from $243.31 to a low of $239.76. In percentage terms, this is approximately 1.4%. On the chart below we can see today’s black candle. On OKCoin we […]