Crude oil has fallen rapidly the last few months however we are still retesting a demand zone here. Looking at oil long term I believe it is set to rally to the upside. ~ 61 being the first upside target.
With the European Central Bank agreeing to support Greece and with Greece starting to make repayments the euro should be looking to create higher highs and break through the current barrier at 137.80 which would in fact break through the current channel we are trading in. Very good buy with a little risk but great reward.
As we are currently still in an uptrend on the daily time frame until a clear break of 1.4300 I'm looking to go bullish on this pair. Currently hitting some price consolidation now showing that supply and demand are balanced. Looking for a break of the bearish sloping trendline once a reversal takes place around at 1.4550 levels.