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The Euro may be readying to resume the down trend started in late August against the British Pound after a corrective upswing stalled ahead of the 0.90 figure. A pair of bearish candlestick patterns has emerged and negative RSI divergence bolsters the case for a downside scenario. Near-term support is at 0.8891 (14.6% Fibonacci expansion, former trend line resistance), with a daily close below that opening the door for a retest of the ...
US 500: Retail trader data shows 16.1% of traders are net-long with the ratio of traders short to long at 5.22 to 1. The number of traders net-long is 0.3% lower than yesterday and 10.5% lower from last week, while the number of traders net-short is 2.9% lower than yesterday and 0.5% lower from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests US 500 prices may continue to rise. ...
After a topside breakout, EUR/JPY traded up to another new high at 134.41. This is a key Fibonacci level, as 134.41 is the 61.8% retracement of the 2014-2016 major move in the pair, and this is helping to set near-term resistance. That resistance came into play on Friday morning, and after grinding around this level for a few hours, sellers took over and drove prices lower. And that retracement continued with aggression until another support ...
Breakout Systems (indicators and the EA) from premium section -
Though GBP/USD sliced right through 1.3450 like a hot knife cutting through butter, the bigger wave picture is still intact. Despite the Bank of England and market participants believing a rate hike is coming, the technical picture for GBP/USD is not as rosy. We believe Cable is in a terminal wave at three different degrees of trend. This suggests a reversal may be looming overhead. The Elliott Wave model we are following points our trend ...
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