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Anyone hoping the recovery in oil prices is here to stay could be in for a rude awakening, as prices could fall below $50 a barrel on a glut of supply, a commodities expert warned on Monday. U.S. West Texas Intermediate (WTI) and Brent crude oil hit six-year lows in January, but have recovered somewhat […]
Top Trade Ideas
Today’s Top Trade Idea: USDJPY BY ew-forecast.com USDJPY is trading sideways for almost past six months, so we assume that market is in a corrective phase. We see price trading in fourth wave which looks like a triangle pattern. That’s a continuation pattern, which could send price to new highs soon as we can count […]
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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: Short at 1.1148
- Support: 1.0982, 1.0793, 1.0487
- Resistance:1.1271, 1.1517, 1.1766
The Euro put in a bearish Evening Star candlestick pattern, hinting a move lower against the US Dollar may be in the cards. A daily close below the 14.6% Fibonacci expansion at 1.0982 exposes the 23.6% level at 1.0793. Alternatively, a push above the 38.2% Fib retracement at 1.1271 opens the door for a challenge of the 50% threshold at 1.1519.
While we continue to see the risk of a broader US Dollar pullback, technical and risk/reward parameters make a short position in line with our long-term outlook too tempting to pass up. We will now sell the pair, initially targeting 1.0982. A stop-loss will be activated on a daily close above 1.1289. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.
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 […]