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The Federal Reserve ended its bond-buying program as expected, but it caught the market off-guard with a definite hawkish tint in its statement yesterday. Technically, the Federal Open Market Committee (FOMC) has finally closed the door on quantitative easing, or QE, with the $15B taper; however, never say never as bookies are already making odds […]
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The US Dollar continued to rally after Wednesday’s FOMC meeting while gold has dropped quite sharply. For technical traders this poses the question of whether the major $US is about to resume. In most cases, the correction in the $US has been relatively shallow so far. As the chart below shows, the Aussie Dollar, for […]
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- EUR/USD Technical Strategy: Short at 1.2710
- Support: 1.2500, 1.2316, 1.2140
- Resistance:1.2746, 1.2852, 1.3070
The Euro appears to be returning to the down trend against the US Dollar after completing a Flag continuation pattern last week. A daily close below support in the 1.2500-34 area marked by the October 3 low and the 23.6% Fibonacci expansion exposes the 38.2% level at 1.2316. A Hammer candle hints a near-term bounce may be in the cards however. A turn above trend line resistance at 1.2746 clears the way for a challenge of the 23.6% Fib retracement at 1.2852.
We entered short EURUSD at 1.2710 in line with our long-term fundamental outlook, initially targeting 1.2534. A stop-loss will be triggered on a daily close above 1.2886. We will take profit on half of the position and move the stop-loss to breakeven once the first objective is reached.
It’s been an exciting 24 hours for bitcoin. The cryptocurrency finally broke the $345 support, then proceeded to take out the $337 swing low. Soon after, BTC/USD fell to a daily low of $328.93. Toward the end of today’s trading session, prices gave the $330 support another try. This time the test went as low […]