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Falling geopolitical risk provides another boost to risk appetite; Focus remains on central banks this week, particularly the Fed, BoE and ECB; UK inflation expected to ease off, giving the BoE more time to address slack and poor wage growth; US inflation and housing data come into focus this afternoon. The markets look set for […]
Top Trade Ideas
Predicting reversals can be risky. Last week, we expected a EUR/CAD reversal near 1.4550. On Friday, EUR/CAD reversed at 1.4546 and is currently heading higher. We expect that move higher to end soon and will discuss a EUR/CAD short trade based on the same approach for predicting the reversal at 1.4546. This half-hourly chart shows […]
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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: 1.3345, 1.3291, 1.3248
- Resistance:1.3419, 1.3467-72, 1.3516
The Euro may be readying to correct higher against the US Dollar after an Evening Star candlestick pattern marked a reversal downward, as expected. The case for an upside scenario hinges on the appearance of a Hammer candle coupled with positive RSI divergence. A daily close above the 23.6% Fibonacci retracement at 1.3419 exposes the 1.3467-72 area, marked by the 38.2% level and a falling channel top. Alternatively, a turn below the 23.6% Fib expansion at 1.3345 opens the door for a test of the 38.2% threshold at 1.3291.
We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. Any on-coming upswing will be treated as an opportunity to add to the position.
Bitcoin is trading more stable today after a volatile Monday that saw prices flash crash over 130 dollars on BTC-E. Bitcoin traded as high as $487 yesterday, fueled by the rebound started after the crash. With the recent clearing of orders on both BTC-E and Bitfinex, the market should remain somewhat supported in the near […]