Dukascopy Community

Блог TheAnalyst

Avatar

EURNOK Failing to Push Through Based on Oil Strength

On the daily chart the pair seems to be poised for further heights. However we expect that oil prices will manage to move above $50, potentially after an extension of the OPEC output cut agreement. Additionally, the 9.25 level has served as resistance twice now.
A downward move is also supported by the weekly chart technical analysis, where we can see 9.267 being a 50% fibo retracement level of a bigger downward move and the pair still being within the downward channel. Based on the two charts w…
Читать
Перевести на Английский Показать оригинал
TheAnalyst avatar
TheAnalyst 7 Апр.

The pair tested again previous highs but was knocked down again. A spike in crude oil prices after US missiles hit a Syria target gave the pair more downward momentum in early Friday as well. There's still lots of upward pressure and strong support though, so there are still doubts about the pair's immediate movements.

TheAnalyst avatar
TheAnalyst 13 Апр.

The pair stopped testing the highs and has moved down this week, close to reaching support at 1.086. The strength seems to be mostly influneced by bullish sentiment in oil prices. 9.01 seems like an extreme target, but with the Saudis pushing for an extension of the output cuts and EUR/NOK's advance since March, a correction at such a level could be possible.

иличтобы оставить комментарий
Вернуться в Dukascopy Сonnect