EUR/USD – euro/dollar continues to lose ground
The EUR/USD fell significantly lower last week as the recent bearish momentum continued with prices breaking down through 1.0900 key support on Friday and closing under that level. The next support is 1.0800 area and resistance is now seen up at 1.1125 and 1.1030 area. Traders can look to be sellers on a retrace up to the aforementioned resistance areas this week with a price action confirmation signal.
S&P500 – S&P500 stays above key support level
We are taking a neutral to upward bias on the S&P500 after last week’s rejection off the lows. Notice the pin bar at the 2107 area from last week and the two subsequent minor bullish reversals in succession late last week which saw prices bounce off 2125 and close at 2135. There’s potential for some upside here into 2160.00 at top of the recent range, offering a 1 to 2 risk / reward for savvy traders. One way to play it this week would be to look for a potential long entry on short-term pull back and ride price higher into top of the range. However, a close below the pin bar low on the chart below would invalidate the range and we will change our bias and update members accordingly if and when that happens.
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Oil – crude oil bulls in control, looking for a buy signal
Our views on crude oil have not changed since our last discussion; we are still looking to buy, in line with the current uptrend and strong bullish momentum. Notice the key support / buy-zone between 49.30 – 47.70 and that prices bounced up from the 21 day ema (blue line); whilst prices remain at or above that support area, we can watch any weakness for buying opportunities. Upside targets are at 54.80 and beyond if bulls remain in control.
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. To learn more, visit www.LearnToTradeTheMarket.com