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Daily analytical report (19/07/17)

  • A strong euro is suddenly becoming a problem for European / German companies. We can see that on the charts of the DAX and SP500. On a side note, we also have oil, which is patiently waiting for a trigger to start a new wave, but whether it will be bullish or bearish is still unknown.
  • WTI oil stopped the upswing below the 50% retracement of the latest downswing. This makes a good occasion for a sell but at the same time, the 50% Fibo is the neckline of the inverse Head and Shoulders formation, which is making sellers a little worried. Traders see that and they currently wait for the situation to develop.
  • DAX has come back below the trend line and 12500 support. They are currently defending on the 12350, which looks super important. Slightly below, we have the neckline of the big H&S pattern and that could definitely be a game changer; that is, if we break the neckline first, obviously.
  • At the same time we have real holidays on the SP500. Everybody is happy there; companies have big profits and traders huge bonuses. The show must go on and new all-time highs have to be made. As long as we stay above 2405 points, the mood on Wall Street has to be great.

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