Trading opportunities for currency pair: the euro is under pressure since market participants expect the ECB to extend its QE program. Due to these expectations and the stable oil price around 50 USD, expect the euro to fall to 1.4490 and below. A close of the weekly candle above 1.4930 will stop any fall.
In August we could see a pinbar forming, on the weekly graph. I went for a fall of the euro to 1.4490 and then to 1.4220. Between 31st August and 19th October, the EUR/CAD has dropped 109 points. The pair has been stuck in a correctional phase for three weeks so not much has happened. The euro has lost 1.84% against the Canadian over the last three weeks (-275 points). The falling tendency is set to continue for the euro.
On Thursday (15th October), the ECB’s Ewald Nowotny pushed the eurobulls into closing long positions. It’s highly likely that, before the ECB’s Thursday meeting, we’ll see euro sales increase across all pairs. A day earlier, on Wednesday, the Bank of Canada is set to convene.
The euro is under pressure, while the Canadian has support from the oil quotes. Brent costs more than 50 USD per barrel and doesn’t want to fall, even with news that OPEC extraction is up and so are reserves. Market participants are focused on the fall of oil rigs and oil extraction in the US.
According to the latest data from Baker Hughes, the total number of rigs in the US for the week ending 16th October was down by 8 to 787. This is a 1131 fall for the year. The number of oil rigs was down by 10 to 595. Gas rigs were up by 3 to 192.
What’s interesting at the moment?
The 1.4490 and 1.4220 targets are still on. The pair has now bounced from the 38.2% fibo-level from a growth from 1.3024-1.5559. For the fall to hasten, we need to see a strengthening below 1.4480. A close of the weekly candle above 1.4930 will cancel out the fall. As a long-term target, we can take 1.4000 for April 2016 (along the dotted line from the 1.3024 minimum).
Why not take advantage of the improved version of the Trader’s Calculator.
Make Yourself at Home on the Forex Market
Alpari Cashback: decide for yourself, what trading terms on the Forex market will work for you! Trade, invest, top up your accounts at Alpari and get bonus points to further enhance your trading and investment terms.Register
Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.
Director of Alpari's analytical department
## ojimadu position
Senior Alpari analyst
We're sorry, an error has occurred. Please try again later.
Notification of this error has been sent to our technical support team.
To be redirected to the European Alpari website, operated by Alpari Europe Ltd.,
a company registered in Malta and regulated by MFSA, click Continue. To remain on this page, click Cancel.
Попробуйте опубликовать пост еще раз либо свяжитесь со службой поддержки социальной сети «ВКонтакте».
У вас есть 24 часа, чтобы получить 50 бонусных баллов за свой репост! Эти баллы вы сможете использовать для улучшения торговых и инвестиционных условий в Альпари, а также уменьшения комиссий за денежные переводы.
Просто авторизуйтесь в своем Личном кабинете или зарегистрируйтесь,
если у вас его еще нет.
Обратите внимание, что для получения баллов нужно разрешить доступ к своей странице ВКонтакте сайту alpari.com/ru/.
Для этого на странице «Мои настройки» во вкладке «Приватность» в разделе «Прочее» вашего аккаунта ВКонтакте в пункте «Кому в интернете видна моя страница» выберите «Всем».
Field filled incorrectly.
This field is required.
This field is required.
Incorrect login or password.