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  • still bullish $Oil, really big spot on lt charts 1. Monthly - same zone of res that's held highs in 2019, 2020 and now 2021 2. Weekly - Resistance tl from 08-present broken, support mid-march to april 3. Daily - tl setting up ascending triangle - breakout potential #oott https://t.co/VpS9ETziS5
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  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 91.18%, while traders in France 40 are at opposite extremes with 71.49%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/L7IS0WCUpK
  • Commodities Update: As of 13:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 1.80% Silver: 1.33% Gold: 0.76% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/6wzbSzSjZe
EUR/USD Technical Analysis: Coiling Up for a Breakout?

EUR/USD Technical Analysis: Coiling Up for a Breakout?

Ilya Spivak, Head Strategist, APAC

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Talking Points:

  • EUR/USD Technical Strategy: Flat
  • Euro rally fizzles at 3-week high but breakdown unconfirmed
  • Waiting for prices to resolve congestion, show actionable setup

A Euro spiked up to a three-week high against the US Dollar but momentum faded, leaving the single currency within the bounds of an eleven-month down trend. At the same time, the shorter-term up move set from mid-December 2016 is yet to be invalidated, making for congested positioning.

A daily close back below the now-familiar inflection point at 1.0682 opens the door for a test of the 1.0570-90 area (April 10 low, trend line). A dense wall of resistance lies between the 38.2% (1.0780) and 50% (1.0853) Fibonacci expansion levels, an area bolstered by falling trend resistance set from early May 2016.

After booking initial profits on half of the EUR/USD short trade activated at 1.0684, remaining exposure stopped out at breakeven. Current positioning does not appear to offer an actionable setup to enter another trade. Opting for the sidelines seems most prudent for now.

What do retail traders’ buy/sell decisions hint about the Euro trend? Find out here!

EUR/USD Technical Analysis: Coiling Up for a Breakout?

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