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Weekly price is on bearish market condition with below of 100-period SMA and 200-period SMA with the ranging between 17.75 resistance level and 13.96 support level:
the price is bouncing off 16.18 resistance for the 13.96 support as the next bearish target;
nearest support levels are 14.26 and 13.96;
nearest resistance levels are 16.18 and 17.75;
17.75 resistance is the reversal level - if the price breaks this level from below to above so the bullish reversal will be started.
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The ECB left policy unchanged and Mario Draghi delivered the maximum level of dovishness at the press conference.
"Specifically, he said that the degree of policy accommodation will be re-examined in December and that all policy instruments are being considered, including a further cut in the deposit rate. He also said the ECB is “vigilant” on inflation – a key word that in the past has been used to indicate imminent action."
"The bottom line is that the December meeting now appears more a question of ‘how’, rather than ‘whether’, the ECB will ease policy further."
For the outlook for the EUR, we notes that the mention of the possibility of a further cut in the deposit rate was important as this is the policy tool that would probably have the most direct impact on eurozone front-end rates."
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Weekly price is on bearish ranging within 1191.48 key resistance and 1077.19 key support levels:
symmetric pattern was formed by price to be broken for direction;
nearest support levels to be broken are 1098.68 and 1077.19;
nearest resistance levels are 1191.48 (W1) and 1285.57 (W1).
Resistance
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Please find the top companies and people who are controlling the oil/gas market. It was estimated according to the Barrels Of Oil Equivalent Per Day (boepd). This term is used in conjunction with the production or distribution of oil: one barrel of oil is generally deemed to have the same amount of energy content as 6,000 cubic feet of natural gas.
1. Saudi Aramco - 12 million boepd
Saudi Oil Minister Ali al-Naimi.
2014: 12 million boepd (Barrels of Oil Equivalent Per Day)
2004: 10.8 million boepd.
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Societe Generale made a weekly technical forecast concerning the EUR/USD:
"Considering a largely negative close this week, EUR/USD will form an evening star, a candlestick pattern that signals possibility of down move. It is noteworthy that this evening star coupled with a shooting star back in August gives bearish connotations."
"As such, SocGen thinks that the current break below 1.1085 means a retest of multi decadal channel support at 1.05/1.04 with intermittent targets at 1.0940 and May lows of 1.08."
"This massive channel remains the decisive level for next leg of downtrend as a move below 1.05/1.04 will confirm that the ongoing correction is not just a retracement of the up move since 2000 but in fact of the whole up cycle since the 1980s."
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Daily price was on the reversal from the primary bullish to the primary bearish market condition with the breaking key support levels: price broke Ichimoku cloud together with two 'reversal' Sinkou Span lines and it was stopped to be below Ichimoku cloud in the bearish area of the chart within the following key support/resistance levels:
1.1713 key resistance level located far above Ichimoku cloud in the primary bullish area of the chart;
1.0461 key support level located far below Ichimoku cloud in the primary bearish area of the chart.
Intermediate s/r levels for this pair on the way to the key s/r are the following:
1.1494 resistance located above Ichimoku cloud in the bullish area of the daily chart, and
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Morgan Stanley made a fundamental forecasl for this week related to JPY - they estimated for USD/JPY to be on bullish market condition:
"Despite the current risk environment, we would expect JPY to be supported. The risk to our view this week is obviously the BoJ meeting. Here the central bank will revise forecasts and many in the market expect further monetary accommodation."
"We however note that recent comments from BoJ officials have played down the prospect of further easing measures at this stage. The CPI ex-fresh food and energy daily UTokyo CPI measure has been looking up recently."
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Skandinaviska Enskilda Banken made intraday technical forecast for EUR/USD pair estimated new support level around 1.08 with stop loss at about 1.15:
"With additional selling on Friday prices broke and closed below the March support line, the floor of the large bear flag. The break now suggests that we have left the seven months long correction having resumed the longer term underlying bear trend. The next key support is 1.0869- 1.0808. Short term there is however a growing risk for at least a minor reaction higher. Lower the stop from 1.1510 to 1.1306."
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H1 price is located below SMA with period 100 (100-SMA) and below SMA with the period 200 (200-SMA) for the ranging market condition within the following key support/resistance levels:
1.1121 key resistance level located near below 100-SMA/200-SMA on the border between the primary bearish and the primary bullish on the chart, and
1.0996 key support level located on the bearish area of the chart.
RSI indicator is estimating the ranging market condition, and the price is waiting for the bullish reversal or for the bearish trend to be continuing.
If the price will break 1.1121 resistance level on close bar so the bullish reversal of the price movement may be started.
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Morgan Stanley made a fundamental forecasl for this week related to USD/CAD - they estimated for this pair to be reversed to the bearish market condition:
"A more dovish BoC meeting this week opens the way for us to consider a more bearish CAD view in the fourth quarter. Stabilization in macro markets, and the potential for fiscal stimulus from the new government, could both offer near term support for CAD."
"However, as data turn in the next few months, the central bank has made clear it is open to further easing, which should weaken the currency. We would look to scale into shorts on any dips."
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