EURUSD GBPUSD CRUDE OIL and DXY overview
DXY breaks out e and holds above 9670 resistance. A few H4 closing above 96.70 will trigger the bullish move and the targets will be 97.00 psychological resistance. If the bulls can break above 97.00, 97.40 will be the next target. The game may completely change by the breakout of 97.40.
Eurozone Markit Composite PMI and Services PMI are scheduled to release today. On the U.S Side, Services,ISM Non-Manufacturing PMI and Home Sales reports are scheduled to release today.
PMI will not have a big effect on the pair. ECB monetary policy will be announced this week. And market players know that there is nothing ECB can do.
We will add short at the breakout of the 1.13200 support and our targets 1.12700, 1.12200. Our ultimate target is 1.10800.
We have entered another short trade and we have reached our second target. Today UK Service PMI is scheduled to release – no big impact on the pair is expected – As we have published in our forecast, Brexit calendar remains empty until March 12th.
Intraday resistance resides at 1.31850 and bearish pressure will remain as long as Cable stays below 1.31850. The key support resides at 1.31200. Breakout of the support will send the pair 1.30700
Rising DXY weigh on Crude Oil and commodity prices. Yesterday we have entered a short trade based on the DXY. 55.61 is the first support on the smaller charts. If Crude prices break below 55.61, 55.00 will be tested. The double top formation will start to work at the breakout of 55 support. You can read our latest Crude Oil Forecast.
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