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The dollar was mostly higher on Wednesday, after Chinese first quarter growth data came in slightly above estimates, while the Canadian dollar suffered following a dovish rate statement from the Bank of Canada. This mornings data from China buoyed the market, with The Chinese Republic posting a 7.4% gain in gross domestic product for the […]
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The pound extended its gains this morning following the release of some cheerful jobs data out of the UK. The GBP/USD climbed to an initial high of almost 1.6820, which was the previous 2014 high, while the EUR/GBP nearly dropped to last week’s low of 0.8230. Both pairs then paused for a breather as investors […]
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Hi, this is Shaun Overton with ForexNews.com and OneStepRemoved.com. In this 5 minute video, I’m going to show you how to interpret backtesting results in MetaTrader 4. You can follow along using a free OANDA demo account by clicking the link below this video. Register For A Free OANDA Demo Account Video Script: Before we […]
By Ilya Spivak,
- EUR/USD Technical Strategy: Pending Short
- Support: 1.3835 (23.6% Fib exp.), 1.3793 (38.2% Fib exp.)
- Resistance: 1.3905 (Apr 11 high)
The Euro has turned lower anew against the US Dollar having found resistance just above the 1.39 figure. Prices are testing support at 1.3793, the 38.2% Fibonacci expansion, with a break below that targeting the 50% level at 1.3758. Near-term resistance is at 1.3905, the April 11 swing high.
We continue to see the long-term fundamental outlook as favoring Euro weakness against the greenback. Risk/reward considerations ague against entering short with prices sitting squarely at near-term support however. With that in mind, we will remain on the sidelines for the time being, waiting for a more attractive selling opportunity to present itself.
BTC is trading slightly up in a volatile trading session. The day opened at $500.60 on BTC-E. From here, prices rallied all the way up to $544.90. The highest high on BitStamp stands at $548. The move up didn’t last however and BTC/USD fell over $60 in less than two hours to hit a daily […]