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EUR/USD, Crude Oil & More – Charts for Next Week

EUR/USD, Crude Oil & More – Charts for Next Week

2019-11-01 12:15:00
Paul Robinson, Strategist
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The Euro has been stuck in a downtrend since coming off the high created in 2018. The question is, will the trend continue, or could it be on the verge of reversing? The thinking on this end, is that the most explosive move could come if the sequence of failed rallies can soon end, giving way to a short squeeze.

But, the tendency for rallies to turn into selling opportunities is one we must continue to respect until there is more evidence a broader reversal is underway. With that said, watch the September 2018 trend-line that is in confluence with the 200-day MA. It's solid resistance.

A forceful turn down from there could quickly tilt the board in favor of shorts. A break on through will not be enough to say the trend has changed, but it would be a start to possibly seeing the trend change.

EUR/USD Daily Chart (end trend? Watch resistance)

EUR/USD, Crude Oil & More – Charts for Next Week

EUR/USD Chart by TradingView

Crude oil is working on a channel/bear-flag that could end up resolving to the downside soon, in-line with the forceful move down after the Saudi attack in September. Price is currently on the lower trend-line, a break and failure to rally thereafter will be viewed as the cue to look for the 50 level and finally the 2016 trend-line to get tested.

Crude oil Chart (watch lower parallel for trigger)

EUR/USD, Crude Oil & More – Charts for Next Week

WTI Oil Chart by TradingView

For the full set of technical details and charts, check out the video above…

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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