Top Global Market Stories
Brent crude oil prices were poised on Friday for their biggest monthly gain since 2009, lifting the outlook for the battered commodity. U.S. crude oil was set to end February with its first monthly rise in eight months, with signs of a pick-up in Chinese demand and supply outages in the North Sea lifting sentiment […]
Top Trade Ideas
Tuesday’s trend peak in Dollar: CAD confirmed the resistance line of a descending triangle formation. This looks to me like a situation that might provide a trade setup in either direction. The bullish scenario comes out of the Elliot wave playbook. The last major swing higher has the potential to be an impulsive 3rd wave […]
MT4 Trading & Education
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- EUR/USD Technical Strategy: Flat
- Support: 1.1185, 1.0970, 1.0796
- Resistance:1.1318, 1.1533, 1.1659
The Euro moved sharply lower against the US Dollar, with prices attempting to clear path to the late-January low anew. Near-term support is at 1.1185, the 23.6% Fibonacci expansion, with a break below that on a daily closing basis exposing the 38.2% level at 1.0970. Alternatively, a turn above the 1.1276-1318 area (January 30 close, 14.6% Fib expansion) clears the way for a test of the February 3 high at 1.1533.
Risk/reward considerations argue against entering shortin line with our long-term outlook as prices sit squarely at support. We will remain on the sidelines for the time being, waiting for a more actionable opportunity to present itself.
Bitcoin is trading down 2 percent today. After opening at $247.55 BTC/USD stayed flat until a sell-off around mid-day took prices to a low of $238. Bitcoin rebounded somewhat from the daily lows and is currently quoted at $242.14 on BTC-E. As usual BTC prices are slightly higher on other exchanges with coins selling for […]