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FOMC continues to drive bullish sentiment BoJ keeps stable yet election provides renewed mandate German GFK survey looking to top off strong week. The end of a memorable week in the markets, which seemed likely to go out with somewhat of a whimper given the relative lack of events to get the market moving. However, […]
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Russian Rouble Roulette It’s hard to go past the Russian rouble as the traders’ choice, given the extraordinary volatility. Extreme price movements demand traders respond with aggressive risk management, but the potential rewards for a good entry are attractive. Trading USD/RUB is not for the inexperienced. However, traders willing to adapt to the environment may […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.2246, 1.2173, 1.2080
- Resistance:1.2324, 1.2418, 1.2569
The Euro continued downward for a second day against the US Dollar, with prices now threatening December’s swing bottom. Near-term support is at 1.2246-49, the December 8 low and the 50% Fibonacci expansion, with a break below that exposing the 61.8% level at 1.2173. Alternatively, a reversal above the 38.2% Fib at 1.2324 clears the way for a test of the 23.6% expansion at 1.2418.
Prices are too close to support to justify entering short from a risk/reward perspective. On the other hand, the absence of a defined bullish reversal signal suggests that taking up the long side is premature. With that in mind, we will remain flat for now.
Bitcoin is trading little changed after a volatile 24 hours. Prices rallied from $315 to a high of $330.02 yesterday. But after topping out at $330, BTC/USD proceeded to lose all the gains. We are currently quoted at $315 per coin on BTC-E, $319 on BitStamp and $321 on OKCoin. In our article yesterday, we […]