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WTI saw some strength towards the end of last week and the opening day of this on the back of a larger than expected drop in inventories and an apparent hint from OPEC that it may be willing to consider production cuts. That has been offset over the last couple of days by figures showing […]
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Crude oil prices fell sharply on Tuesday, ending their recent good run of form. After a small bounce back this morning, crude prices came under renewed selling pressure this afternoon following the release of the official US stockpiles report from the EIA which showed among other things a sharp build of 4.7 million barrels for […]
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- EUR/USD Technical Strategy: Flat
- Euro Finds Support Below 1.12 Figure, Attempts to Resume Recovery
- Waiting for Signs of Long-Term Down Trend Resumption to Get Short
The Euro is attempting to resume the upside correction launched a month ago against the US Dollar having found support above the 1.11 figure. Prices hit seven-month highs last week but failed to maintain momentum above the 1.17 mark. Still, the series of higher highs and lows carved out from the August 5 low remains intact.
Near-term resistance is now at 1.1368, the 23.6% Fibonacci expansion, with a break above that on a daily closing basis exposing the 38.2% level at 1.1501. Alternatively, a reversal back below the 14.6% Fib at 1.1287 initially clears the way for a test of the August 28 low at 1.1155.
The long-term EURUSD trend remains bearish. That paints the current upswing as well as the larger advance from lows in mid-March as ultimately corrective. With that in mind, we will remain on the sidelines until positioning produces actionable confirmation of down trend resumption.
Bitcoin is continuing the stagnation period. In the past 24 hours, the virtual currency had a daily range of only $6.25 dollars on BTC-E and $5.06 dollars on OKCoin. On both BTC-E and OKCoin prices are boxed in between $220 and $230 dollars per coin but on the latter exchange the range has narrowed to […]