Top Global Market Stories
The government is mulling over reimposing some restrictions on gold imports after Diwali as higher inward shipments of the metal in the last few months have pushed up the trade deficit, a government official said. The Commerce Ministry has called a meeting post Diwali inviting representatives from RBI and stakeholders of bullion and gold industry […]
Top Trade Ideas
During October, USD/JPY has fallen almost 500 pips and to date, has been the strongest of the G10 currencies. Over the past few trading days, we’ve seen a 200 pip move higher which we feel is only a correction within the current downtrend. Therefore, we’re keen to trade USD/JPY to a new October low. The […]
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: 1.2750, 1.2619, 1.2500
- Resistance:1.2852, 1.3070, 1.3246
The Euro moved higher against the US Dollar as expected after prices produced a bullish Piercing Line candlestick pattern. Near-term resistance is at 1.2852, the 23.6% Fibonacci retracement, with a break above that on a daily closing basis exposing the 38.2% level at 1.3070. Alternatively, a reversal below the October 13 close at 1.2750 opens the door for a test of the October 1 close at 1.2619.
We booked profits on a Euro short position earlier this month and are now look for a new selling opportunity in line with our long-term fundamental outlook. As it stands, the absence of a defined bearish reversal signal suggests entering at present is premature.
After a short-lived battle with $380, bitcoin broke the support level in the early Asian session today. The break lead to a quick fall to $372.50. In our article yesterday, we mentioned the possibility of this exact scenario. After hitting a daily low of $372, BTC/USD quickly rallied back and is currently retesting $380 again. […]