EURUSD – As we have been discussing in our recent members’ daily market commentaries, a strong downtrend remains intact in the EURUSD and we are looking to sell, to trade in-line with that trend. Price is likely headed down to parity (1.00) and traders can look to use pockets of strength to get short. Notice the containment zone between 1.0530 – 1.0670, watch for price action sell signal near that zone or the 8 and 21 day EMA layer.
WTIUSD –As we discussed in this week’s weekly trade setups analysis, Crude Oil has been trending higher and we have been looking to buy, in-line with that trend. As we can see in the chart below, the price of West Texas Intermediate crude oil remains buoyant above the support level at $49.30 a barrel; a level we have been look to buy from or near recently.
From here, we would ideally wait for a clean price-action buy signal before recommitting to a long position, for those not already long. More experienced traders might like to put on a long trade intra-day while the price is still supported at or above the $49.30 level. Look to buy on weakness as long as the trend remains intact.