Weekly Technical Forecast: Dow’s Incredible Climb is Slowing and EURUSD’s Range is Ripe
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Crude oil dropped on a single tweet by US President Trump, but crude traders were not dismayed as price jumped back again on news of OPEC discipline and US crude imports fell.
Sterling-pairs are set to end the week in positive territory but off their best levels with further losses likely to be capped.
From the DXY Dollar Index, this past week ended with a break following a path of least resistance. Yet, when we look at pairs other than the heavily-weighted EURUSD, there is more technical leverage at play.
The Euro posted a key reversal day on Thursday and then snapped a rising wedge formation, this has focus in the week ahead on lower prices.
S&P 500 upside remains capped at 2800, while DAX eyes further gains towards psychological 12000 level.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.