EURUSD with a major buy signal. Oil tests the 55 USD/oz as a support


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. The 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 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.

The 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 2017.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

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