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Crude Oil No Longer Attached to Euro

Discussion in 'Forex Daily News & Outlook' started by futuretrends24, Sep 22, 2010.

  1. futuretrends24

    futuretrends24 New Member

    Apr 30, 2009
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    Today’s sample of Futures Analysis from FuturesHound.com

    The current weak action in November Crude Oil clearly proves that it has detached itself from the Euro and is now realigning with the U.S. economy. This could prove to be a bearish combination should the U.S. economy continue to weaken as forecast by the Federal Reserve.

    Technically, crude oil is trading in the middle of the last main range of 71.49 to 78.86. This retracement zone is 75.18 to 74.31. A breakout in either direction over these retracement levels is likely to trigger an acceleration in that direction.

    Also hemming this market in is a pair of Gann angles. Currently, crude oil is walking down a Gann angle at 75.36. This angle has been serving as resistance. Additional resistance is coming from another downtrending Gann angle at 75.16. The support angle is at 73.99 today.

    Read full article at ForexHound.com as well more Forex Trading articles including Forex Technical Analysis and Forex Education

    Disclaimer: Trading foreign exchange on the margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore should not invest money that you cannot afford to lose.

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