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Screenshot of a breaking news alert e-mail from Q2 2017
EURUSD – Euro/dollar uptrend continues, looking to buy
The EURUSD pulled back modestly last week within the overall uptrend, but it did regain lost ground into the week’s close as buyers came back into the market. The next main resistance is not seen until up near 1.2045 area, so this pair has plenty of room to keep moving higher. Traders can look to buy this market on weakness / pull backs this week, ideally at support near the 21 day moving average or 1.1615 – 1.1480 area.
GBPUSD – Sterling/dollar rotates down to support level
Over the last couple of weeks the GBPUSD has pulled back to just above 1.2930 support and consolidated there, within the overall uptrend this pair has been in. We could see price begin moving higher again if buyers can defend this 1.2930 level this week. Otherwise, should price keep rotating lower, we will look to buy around 1.2820 or lower as key support is not seen until 1.2600.
OIL – Crude Oil moves sideways after surge higher
Crude oil fell slightly lower last week but managed to close up within its recent consolidation range on Friday following a false breakout to the downside. We continue to look to buy this market and can consider long entries near current levels down to $47.20 – $46.20. The next major resistance is not until up near 52.00 so there’s plenty of room for this market to move higher in the coming days.
S&P500 – S&P500 overall uptrend remains intact
The S&P500 underwent some aggressive selling late last week, but this market is still in a healthy uptrend and we see no reason to change strategies now. We view last week’s pull back as a buying opportunity and we are watching for 1 hour, 4 hour or daily chart buy signals from current levels down to 2400.00 key support this week.
This article was written by Nial Fuller. Nial is a highly regarded professional trader and author. He is the founder and CEO of Learn To Trade The Market, the world’s foremost trading education resource.