Starting off the week in a strong position, OIL indications from S&R lines show priming for a corrective pattern. After breaking through weekly resistances, oil ended last week trading above its moving average and outside patterned operational lines. Looking forward to a bearish week ahead as it retracts to support level of 95.36. Look for strong PUT options throughout the day.
EUR/USD has finished its retraction pattern from last week and can generally be expected to rise out of its 2 month low. After spending morning market hours bouncing off the final Fibonacci support at 1.347, expectations are for a more bullish market as the euro zone opens. Movements today will be very bullish and should be used for CALL options periodically later on in the market day.
Another pair to start off at the end of a trend, a correction is soon forecasted for the GBP/JPY. Now hitting the support line at 167.30, and a low RSI indicate a need for pivot in the price action. Additional stochastic readings show the asset is much oversold and will change volume to buy bids very soon. By the end of today’s trading we should expect at least a rise to 169.71, if not higher. Look for CALL options for up to an hour with strong trends in the euro market.