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Talking Points: Dollar Advance Stalls as Yellen Comments and Beige Book Chewed Euro: Should We Worry About Demands for More Currency Intervention? British Pound Rallies on Strong Jobs Data, But Not Enough for Next Bull Leg Dollar Advance Stalls as Yellen Comments and Beige Book Chewed With Friday’s liquidity drain closing in, the dollar is […]
Top Trade Ideas
Time to take a look at the usdjpy pair as this resilience to break lower is leading us to a single possible scenario: running variation of a contracting triangle on the daily chart. This scenario is going to be invalidated only by a move below 100.75 level so this should be the stop loss for […]
MT4 Trading & Education
Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 5 minute video, I’m going to show you how to interpret backtesting results in MetaTrader 4. You can follow along using a free OANDA demo account by clicking the link below this video. Register For A Free OANDA Demo Account Video Script: Before we […]
By Ilya Spivak,
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
- Resistance: 1.3905 (Apr 11 high)
The Euro is stalling at chart support just below the 1.38 figure against the US Dollar having found resistance near the 1.39 mark. A break below support at 1.3793 marked by the 38.2% Fibonacci expansion on a daily closing basis initially exposes the 50% level at 1.3758. The first layer of significant resistance is at 1.3905, the April 11 swing high.
Our long-term fundamental outlook continues to argue for Euro weakness. Prices are too close to near-term support to justify a short position at current levels from a risk/reward perspective. With that in mind, we will remain on the sidelines until a more attractive opportunity presents itself.
Bitcoin dipped below the important $500 level today as more Chinese banks refused service to bitcoin exchanges. Today 3 different exchanges reported having received requests to close their bank accounts as soon as possible. OkCoin’s notice reads that they received a phone call from China Construction Bank that said “higher authorities required CCB account to […]