Crude oil closed down $1.23 a barrel at $92.75 today. Prices closed near mid range today and hit a fresh 6 1/2 month low. The bears have the solid overall near term technical advantage. A stronger U.S. dollar index today was..........

How to trade oil is not an easy thing to do in today’s headline driven market. Even the best oil analysis which may have been correct will still be wrong at times. This is due to the fact that oil has many factors which play into its price. Things likes like extreme weather conditions, geopolitical events, currency fluctuations, economic conditions and supply and demand.

EUR/USD hits the 8 weeks low this morning as pessimism continues to build-up for the Eurozone economic recovery. The European Central Bank forecasted lower than expected growth, inflation is expected to be flat, and interest rates will most likely stay the same for a while.

EUR/USD has dropped below the 1.4020 major support line, to the 1.3968 so far. Intraday bias remains on the downside, as long as the 1.4440 minor resistance line is not broken. On the downside, since the 1.4020 major support line was broken, now look for the currency pair to target the 1.3854 major support line.