Top Global Market Stories
Holiday week encourages thin markets Friday’s NFP to dominate this week’s activity Market looking for further stimulus from China Euro manufacturing PMIs showing signs of inflation Holiday thinned markets (Japan’s Golden week holiday Monday through Wednesday, and the U.K.’s May Day celebrations) are keeping FX action relatively tight ahead of the open stateside this morning. […]
Top Trade Ideas
(Global FX Club) The EUR/USD rallied strongly last week opening at 1.0818 and closing the week at 1.1195 (over 350 pip gain). Though we expect additional gains in the medium term, we do not rule out a pullback in the euro against the U.S. dollar from around current levels as key technical resistance lies near […]
MT4 Trading & Education
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
- Support: 1.0959, 1.0712, 1.0461
- Resistance:1.1266, 1.1515, 1.1764
The Euro paused to digest gains after rebounding as expected against the US Dollar after showing a bullish Morning Star candlestick pattern. Near-term resistance is at 1.1266, the 38.2% Fibonacci retracement, with a break above that on a daily closing basis exposing the 50% level at 1.1515. Alternatively, a move back below the 1.0959-1.1040 area (23.6% Fib, March 18 high) clears the way for a test of the March 31 low at 1.0712.
We see the Euro trend as broadly bearish, in line with our long-term outlook. As such, we will approach on-coming gains as corrective in the context of a larger structural decline and position for opportunities to enter short after the move higher is exhausted. In the meantime, we remain flat.
Bitcoin is trading slightly down today. On BTC-E, we opened near multi-day highs at $241.12 but from here a slow but steady sell-off began. Near the end of the session a low of $237.33 was reached. We are currently quoted at $238.71. Here’s a chart of today’s uneventful trading day. A similar pattern was exhibited […]