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Daily analytical report (21/07/17)

  • Friday brings us dynamic movements, but mostly from oil and indices. Trading on currencies remains calm as traders continue to digest the press conference with Mario Draghi, which caused a huge upswing on the EUR yesterday.
  • From the mid-term highs that we saw yesterday, WTI oil is moving fast towards a situation where a sell signal is more likely. The price created a false breakout over the neckline and the 50% Fibonacci (red area). What’s more, we broke through the lower line of the mid-term channel up formation. That gives sellers additional momentum and increases the chances of a downswing.
  • DAX is struggling to push the price higher and is on the back foot defending the 12350 support for the third time in the last 3 weeks. This shows that selling pressure is high, which raises the possibility of a bearish breakout. We have to wait for further price action but many traders are waiting here to open a short position once this support is broken.
  • On the other side we have SP500, which made new highs yesterday, again. Although we can see a drop today, it’s nothing compared to the situation on DAX. On SP500, we have a healthy (maybe even too healthy, bubble?) up trend with a lot of supports underneath. Technically, there are no signs of a reversal whatsoever.

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