This is what we call a false breakout. the EUR tried hard early to push out of the psychological 1.10 barrier but doesn't seem to gather the momentum as traders are reluctant to peg back the USD. Thus we have slippage and reversal back to the long term dominant trend. Read on Reuters Barclays Bank analysts are sounding out the parity call again to currency investors as specs are now looking for USD re-entry points at every opportunity across the board of currencies. Trading the EUR can become tricky over the next few months as traders seek to measure volatility and quantify the pip range for a working stop loss depending on whether the trade is a day trade or position trade. Minor reversals are becoming more frequent so for portfolio protection traders are now looking more frequently to cover positions with options.
Oil of course, ever politically sensitive like gold, climbs $5 on the wave of Yemen air strikes, Saudi involvement and an upping of the ante leaving the region in a nervous tension for any disruptions to cargoes.
USDX
97.422 +0.496 +0.64%Support 95.784 Resistance 98.744
EUR
1.087100 -0.009495 -0.87%
Support 1.07407 Resistance 1.11347
Crude Oil
51.11 -0.32 -0.65%
Support 47.13 Resistance 54.63
Gold
1204.795 +8.235 +0.69%
Support 1,180.3 Resistance 1,231.7
Pieter Bergli - DeLoren Trust Holdings
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