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Short-term Trade Outlook: Technical Setups on Crude Oil, EUR/USD & USD/CAD An update on technical setups we’ve been tracking inthe Crude Oil , Euro and the Canadian Dollar. These are the targets and invalidation levels that matter heading into the close of the week. Review my latest Strategy Webinar for an in-depth breakdown of thesetechnical setups and more. Crude Oil Price Chart – WTI 240min Notes: In my last Crude Oil Shor-term Technical Outlook we noted, “Bears on notice- Crude oil prices are testing a critical support zone we’ve been tracking for months now – the focus is on inflection off this threshold with a close below needed to keep the short-bias viable.” The zone in focus was 85.61-88.01 – a region defined by the 2013 swing low, the 100% extension of the March decline and the 61.8% Fibonacci resistance of the December rally. The low registered that week with WTI rallying more than 13.4% off key support. Bottom line: Crude oil has rebounded off critical support and the focus is on this near-term recovery. Initial resistance eyed at the 98 backed by key resistance at 100.20-101.52- look for a larger reaction there IF reached with a breach / […]
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