Top Global Market Stories
Talking Points: EURUSD tests strength of trend since December 17. NZDUSD breakdown eyes move towards 0.7100. See the DailyFX Economic Calendar for Thursday, January 29, 2015. Traders are grappling with a seemingly contradictory FOMC statement, the RBNZ’s neutral pivot, and potential SNB intervention. The lack of central bank transparency has been quite shocking in the […]
Top Trade Ideas
January was clearly the CHF month as the SNB dropping the 1.20 eurchf peg brought a higher chf all over the dashboard. However, I started to like the usdchf pair as from a technical point of view the whole move lower seems to be an impulsive move that ends a flat pattern on the bigger […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.1206, 1.1074, 1.0859
- Resistance:1.1444, 1.1659, 1.1832
The Euro may have completed a bottom against the US Dollar marked by the formation of a bullish Morning Star candlestick pattern. A daily close above the intersection of the 23.6% Fibonacci retracement and a falling trend line at 1.1444 exposes the 38.2% level at 1.1659. Alternatively, a drop below the 14.6% Fib expansion at 1.1206 opens the door for a challenge of the 23.6% threshold at 1.1074.
Our fundamental outlook calls for broad-based Euro weakness as the ECB introduces aggressive stimulus expansion. With that in mind, we will opt to treat any on-coming gains as an opportunity to enter short rather than a long trade setup. In the meantime, we remain flat.
Bitcoin paused the decline near the $226 mark today. On BTC-E prices got as low as $212 before reversing course. The subsequent rally took BTC/USD to a daily high of $233.52. We are currently trading just below the highs at $228 flat. As usual, prices are slightly higher on OKCoin at $331 and BitStamp at […]