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Fed reinforces “normalization” China flash manufacturing PMI dips to 6-month low Weak Flash numbers has EUR hobbling Federal Reserve announcements usually end up having the largest market impact, and yesterday’s release of the Federal Open Market Committee’s October meeting minutes were not to be the exception. However, the data ended up being a “non-event” as […]
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The Euro is forming a Gartley 222 pattern against the Aussie Dollar. The Gartley is a 3 part correction “A” to “B”; “B” to “C” and finally “C” up to “D”. The move being corrected is usually labelled XA In this case the CD swing has arrived at a 78.6% Fibonacci correction of XA My […]
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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 1.2710
- Support: 1.2482, 1.2397, 1.2334
- Resistance:1.2559, 1.2621, 1.2684
The Euro advanced against the US Dollar as expected after prices put in a bullish Piercing Line candlestick pattern. A daily close above the intersection of a falling trend line and the 38.2% Fibonacci retracementat 1.2559 exposes the 50% level at 1.2621. Alternatively, a reversal below rising trend line support at 1.2482opens the door for a test of the 38.2% Fib expansion at 1.2397.
We sold EURUSD at 1.2710 in line with our long-term fundamental outlook subsequently booked profit on half of the position. The remainder of the trade is open to capture any further downside momentum with a stop-loss trailed to breakeven (1.2710).
Bitcoin is trading close to the crucial support area at $350 today. The break of $365 earlier in the day lead to quick losses to $353 per coin. We are currently quoted at $357.98 on BTC-E, compared to $360 on OKCoin and $361 on BitStamp. Here’s a 1 hour chart of the last few days […]