One of the economic releases of the day was the U.S. Crude Oil Inventories which helps measures the weekly change in the number of barrels of commercial crude oil held by US firms. The way it works is that the amount of inventories helps influence the price petroleum products which can have an encounter with the inflation rates. Traders have got two things which ...
Price has reached a key resistance level and also has a closing reversal candle. Price is currently in an uptrend, but price is likely to retrace to the trendline. Stops can be placed above the resistance zone.
Looking to short this pair, following the weakness we saw from NFP, technicals point to the downside. A rising wedge which is being squeezed by its throat and some bearish PA.
Trade safe
