EUR/USD reverses at resistance, bears in control
The EUR/USD continues to lose ground as the long-term downtrend is intact and active. Notice the strong rejection of higher prices last week as price retraced up to 1.0855 – 1.0900 key resistance and subsequently reversed, losing significant ground in the process.
Looking at the weekly EUR/USD chart, you can see a big bearish pin bar formed last week, which is reflective of the weakness in this pair right now. Traders can continue to look to sell whilst the price is under that containment zone at 1.0855 – 1.0900 by watching for strength to get short. However we recommend keeping an eye on the 1 hour, 4 hour or daily charts for price action sell signals following any strength this week, to get short.
Gold nearing key long-term support zone
Gold continued to lose fall lower last week as the overall downtrend remains intact. This market has dropped significantly in recent weeks and is now nearing weekly long-term support area between 1130.00 – 1140.00, so we wouldn’t want to sell near current prices. Instead, we would look to be opportunistic at that 1130.00 – 1140.00 area and keep an eye out for convincing price action buy signals on the 4 hour or daily chart to confirm a long entry.
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Crude oil set to continue surging higher
We have recently been looking to buy crude oil, in line with the recent bullish / upward momentum in this market. Price has clearly bottomed-out down near 43.00 key support level and we see potential for prices to head even higher in crude oil in the coming days and weeks. We see a key near-term support level down near 49.30 and we will watch for pullbacks or dips back towards that level or even slightly above, to be buyers of oil.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder of Learn To Trade The Market, the worlds foremost trading education resource.