Markets we are watching this Morning
Euro Currency Futures:
|Euro Anchor Chart|
Our plan for the euro is simple; we want to buy near the lows of the range as these prices keep moving higher. We will buy at the lows and take our profit-targets at the highs.
We look for buying opportunities around support levels below us at 3500, 3482, 3467, 3446, etc. Once we see a test of these support levels we will then look for a price-reversal and an entry pattern to get long this morning. Our profit-targets will be placed at the resistance levels above us around 3519, 3544, 3564, 3578 and 3621.
|Gold Anchor Chart|
Gold is moving lower on our anchor chart this morning and we can see a long-term trend that is bearish with a short-term trend that is bullish. We would love to sell the resistance levels above us today using the long-term trend as our guide to get short for the high-percentage-trades.
Our plan today for Gold will be to wait patiently for price-action to move into the overhead resistance levels on the anchor chart so we can get into a short position off the highs with a profit-target at the lows of the range.
We look for selling-opportunities today around 1276.0, 1279.0, 1280.9, 1283.9 and 1287.0 to name just a few. Once we test these areas we will then look for the price-reversal and the entry pattern to get short. Our profit-targets today will be support zones below us around 1269.1, 1265.4, 1261.0 and 1252.1.
Crude Oil Futures:
|Crude Oil Anchor Chart|
Crude Oil is moving lower once again this morning and the anchor chart tells us that we have both the short and long-term trends pointed down, giving us trading opportunities to the short side today.
Our plan today on Crude Oil is quite simple, the bearish trend tells us to wait for price-action to move higher into overhead resistance levels where we can get short when the price-action begins to move lower again.
As it stands at 7:30am EST we have sell-zones at 94.08, 94.57, 94.81 and 95.16 this morning and we will use the buy-zones below us as profit-targets around 93.12, 92.56, 91.86 and 91.39.
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