The price of EURGBP has reached a strong resistance area.The combination between the main trend's line, 61.8 Fibo retrace and 0.8100 round number, could end up being a reversal area for the price of this pair.
EURUSD bounced back before hitting 1.1500. Now is testing a local trend line, but I am expecting it to not hold bears pressure. I am expecting the price to continue dropping towards the 61.8 Fibonacci retracement before another rally.
Brent Oil has dropped under some key support levels and confirmed the Wedge. At this point the price seems to be consolidating between 64 and 66 dollars per barrel. I believe that a break below 64 will trigger a drop towards 62 or even 61, while a break above the local resistance from 66 would trigger a rally back to 67 $/barrel.
It looks like everyone tries to get rid of the Euro. Throughout the entire board the Euro is sold, but I don't see strong fundamental reasons for the short term. The economic calendar is pretty empty, so I would be really tempted to believe in a corrective move which could send the price back to retest 1.1300.
It seems that today I am just stuck with the Bullish side. I know that the bigger picture shows a big bearish setup for GBPUSD, but intraday I still believe it is time for a swing high. New York is about to open, maybe things will change during this trading session.
EURUSD got stuck under 1.1220. A break of uptrend's trend line would signal, from my point of view, a drop back towards 1.1120. A 60 minutes close above the local resistance could signal a continuation of the up move towards 1.1280.
This is one possible scenario. A bounce from 1.1270/80 could send the price back to retest 1.1220. As long as the price will not break and close (60 min chart) below 1.1200, it might continue the up trend, targeting this time thr 61.8 Fibonacci retracement. A break below 1.1200 could signal a further drop for the Euro. Don't forget about granny Yellen, who's gonna...
In my earlier post I said that I believe more in a down move for the EURUSD. The price actually gave now some interesting levels inside the range. My trading idea - short EURUSD under the local low and target for the local lows.
Look at this really interesting chart of Soybeans. I entered long Corn almost a week ago and I was waiting for a good signal on soybeans. The price reached the rejection line of the descending channel. Volumes dropped on the last down move, and the 14 periods RSI shows a strong divergence. I believe a break back above 900 dollars would be a strong bullish signal.
The price drew lots of lower lows, but it is still challenging to pin point which the direction will be. I tend to believe in a down move. A break and close, 60 minute time frame, below 134.50 would be a good signal for a bearish move. A false break below this local support and a rally above the upper line of the Pennant would be a strong bullish signal.