The RSI on both the daily and weekly chart is just shy of entering the over-bought region. However, there does appear to be a bearish cross forming on the daily and weekly Stochastic (slow), suggesting an impending downturn may be developing. Waiting for the swing and then entering short may be a wise move over the coming days.
This pair is once more testing the 1.6220 price level and meeting strong resistance. There appears to have been a recent bearish cross on the weekly Stochastic (slow) and the oscillator is now moving in a downward direction. Going short on this pair appears to be preferable today.
Following last week's intense volatility in this pair, most indicators look to be leveling off in neutral territory. Not many indications are being signaled by the mid- and long-term charts. Waiting for a clearer signal may be a wise decision as a result.
There seems to be a recent bullish cross on the weekly Stochastic (slow), highlighting a growing level of upward pressure on this pair. There does not seem to be much corroborating information to support this move, however. As a result, it appears keeping with the current downtrend and going short looks more probable over the coming week.
The Wild Card
Silver prices have been bouncing against the $36 an ounce price level for the past several days and failing to breach. With the US dollar in decline since Wednesday, commodity prices may find additional support this week. However, a few indicators on Silver's long-term charts suggest that it could see another bounce off the $36 price level. If this commodity fails to breach that line once again, forex traders may be able to make lucrative profits with a short entry position near that price.
Article Source: Oil Soars as UN-Authorized Strikes Rain Down on Libyan Targets