Long EUR/USD was cited as one of the consensus trades for 2018. It seems that there was too much consensus. We saw another round of U.S. dollar buying today. EUR/USD recorded a new low for the year before finding some support ahead of 1.18. On a quick glance the pair appears oversold but shallow pullbacks suggest that sellers are not done yet.
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USD/CAD downtrend to continue
Technical Tools
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
A sharp rally at the start of 2016 and an even more impressive reversal was followed by an upward sloping channel. 1.28 - 1.30 has been central to t…
Support and resistance (S/R). Price levels, trendlines and Fibonacci retracements. Price action, candlestick and chart patterns. Simple moving averages (SMA). Commitments of traders (COT) indicator, which displays speculative positioning in FX futures market, used as a proxy for speculative positioning in spot FX market.
Weekly Chart
A sharp rally at the start of 2016 and an even more impressive reversal was followed by an upward sloping channel. 1.28 - 1.30 has been central to t…