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The euro is facing a big test as it attempts to maintain its recent momentum against the dollar and break through a major resistance level that would strongly call into question whether this pair could in fact hit parity by the end of the year, as some suspect.The first thing to note is the resistance […]
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Gold is trading at new lows, currently around the trendline connected from the start of 2014 where support can be found, especially if we consider the shape of an ending diagonal placed in fifth wave. That’s a very important reversal pattern that suggests a bounce in the second part of 2015 and maybe very strong […]
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- EUR/USD Technical Strategy: Flat
- Support: 1.1047, 1.0955, 1.0899
- Resistance:1.1121, 1.1195, 1.1287
The Euro broke above a falling trend line set from mid-June, hinting an upside reversal against the US Dollarmay be in progress. Near term resistance is at 1.1121, the 50% Fibonacci retracement, with a break above that on a daily closing basis exposing the 61.8% level at 1.1195. Alternatively, a move back below the 38.2% Fib at 1.1047 clears the way for a test of the 23.6% retracement at 1.0955.
Prices are wedged too closely between near-term support and resistance levels to justify taking a trade in line with our long-term outlook from a risk/reward perspective. With that in mind, we will continue to stand aside until a more attractive opportunity presents itself.
Bitcoin printed new highs today on most exchanges but progress remains slow. On BTC-E we opened at $286.96 then immediately rallied to a high of $289.97. From here we sold off to $284 dollars per coin but later in the day a new high of $289.99 was set, only to lead to another sell-off with […]