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Buy signal on EURUSD. Oil going down despite the weaker USD

ByAlpari Research & Analysis
AuthorTomasz Wisniewski
Published 11/15/2017, 06:41 AM
Updated 05/14/2017, 06:45 AM

EURUSD continues the upswing. Yesterday, we broke the neckline and the upper line of the flag, which triggered a buy signal. Today we do have just a continuation of that. Long-term sentiment is definitely positive but after such a strong upswing there is a chance for a smaller bearish correction aiming at least the 1.1730


After the huge optimism on Oil that we saw in October it is now time to relax a little bit and take profits from the recent upswing. After beating the tops from the end of 2016 and beginning of the 2017, the price is now testing those levels as a support (grey). So far, we do not see any demand there but the day has not ended yet.


Last one is the exotic USDPLN which recently had two options. They could use the inverse head and shoulders to climb higher or the wedge to go lower. The price broke the lower line of the wedge, which triggers a sell signal here. That is in line with the long-term sentiment present from the beginning of the 2017.

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