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Crude futures hit three-week lows on Monday as Greece shut its banks and imposed capital controls, causing widespread risk aversion, while Iran looked likely to extend nuclear negotiations with the West to export more of its oil into an oversupplied market. The dollar surged against the euro to early June highs on worries over the […]
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USDCAD made a deep retracement in the last two months but with corrective personality from the highs, down into 38.2% Fibonacci level where pair found a low, possibly completed fourth wave. That said, despite a strong bearish turn, we see big trend still bullish, so we would not be surprised if pair will continue higher […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.1188, 1.1098, 1.1043
- Resistance:1.1261, 1.1334, 1.1424
The Euro gapped sharply lower against the US Dollarbut a swift intraday recovery brought prices back above the 1.12 figure. Near-term resistance is at 1.1261, the 50% Fibonacci expansion, with a break above that on a daily closing basis exposing the 61.8% level at 1.1334. Alternatively, a reversal below the 38.2% Fib at 1.1188 clears the way for a test of the 23.6% expansion at 1.1098.
The available trading range is too narrow to justify entering a trade in line with our long-term Euro outlookfrom a risk/reward perspective. With that in mind, we will remain flat for now, waiting for price action to offer a more compelling opportunity down the road.
Bitcoin is retesting the highs reached on June 17th. After opening at $246 flat, BTC/USD slowly rallied until it topped out at $256.27, just 48 cents below the previous high. In the first hour of the new session, that high was broken as the cryptocurrency hit $257.24 dollars per coin. We are currently quoted slightly […]