In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we analyse euro weakness and Oil higher.
The euro has been selling off against the US dollar for 7 of the last 8 days. However, if prices break down below yesterday’s low of 1.0865 then we would still expect further continuation to the downside. The other euro related market which is primed to possibly give us a much better trading opportunity is in the EURJPY market. If you look at the chart on a bigger time frame, you can see that if prices break below Tuesday’s low of 119.59 then we can expect prices to continue lower. There is a lot of room to the downside for this market to move into.
Elsewhere, there is something interesting happening in the USOIL market. The price of Oil has been hit by reduced demand, hence, the nearly 20% drop in the last few weeks. However, we are beginning to see a turn around at the $50 level. OPEC is likely to act sooner rather than later to restrict the supply of Oil to help prices push higher from current levels. As a result, if price breaks last week’s high of $52.13 then we would expect a nice move to the upside from there.
Euro Weakness and Oil Higher – Full Video Analysis
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