Forex trading on EUR interest rates – Trading long on Crude Oil? Silver in symmetrical pennant [Video]
|For the third month, OPEC has lowered its global demand forecast for crude and price fell dramatically.
WTI fell from $76 per barrel to $71.50 almost overnight but are we ready for a reversal yet?
On most time frames, the stochastic oscillator looks oversold but please wait for confirmation before going long.
Watch out for quick pullbacks that might look like reversals.
Today and tomorrow we will be watching inflation data in the form of CPI from Canada, New Zealand and the United Kingdom.
Later in the week, we have employment data from Australia.
More importantly, we have a predicted lowering of Interest Rate from the European Central Bank on Thursday.
Then we have a press conference later which will also drive the markets.
We can see from the charts of EUR pairs that we have mixed strength and weakness.
This may give us some great opportunities if we see volatility, especially if the predictions are incorrect.
For example, on EURJPY we see an ascending triangle which could go either way, with or without the news.
Speaking of triangles, we see Silver in a symmetrical pennant on the 1-hour chart so we will watch for a breakout.
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