EURUSD tests the broken support as a resistance. Potentially huge movement on the CADCHF. Correction on Oil?
EURUSD is currently testing the broken 1.13 psychological support as a closest resistance. This movement is quite typical for the forex market and is a normal type of a price action. The first contact with the resistance resulted with a bounce but it looks like buyers will try one more time. The general sentiment remains negative.
CADCHF is in a small triangle inside of a bigger one. So we are in the worst place to trade – middle of the giant sideways trend. We are in a bad place now but we can be in an awesome place soon. The breakout of the lower line of the smaller triangle will give us a proper sell signal. We are very close to see this.
WTI Oil, just wow. The price dropped like a rock. Now we are on the last important support. This is the 61.8% Fibonacci and the resistance from the end of 2016 and the beginning of 2017. The sentiment is negative but we should get at least a small bounce there, normal taking profit action, nothing serious.
This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis
This article was originally posted on FX Empire
