EURUSD
Trading strategy: small long at 1.2780, stop at 1.2720(0.5% risk), 1st objective at 1.2830, 2nd objective at 1.2900
The euro is relatively quiet since yesterday, trading in a narrow range of 70 points, but holding gains above 1.2800. Upside is slightly favored and a pullback may provide a buying opportunity if former resistance at 1.2750 provides support. Sentiment is currently mixed and a break above 1.2900 should be seen as a bullish confirmation. We definitely could see more buying and test of 1.2900, perhaps 1.3000 – depending on the NFP data later today, which is today’s most important event in the economic calendar. Current exchange rate is 1.2819 @05:35 GMT
Support: 1.2750/70, 1.2650, 1.2600, 1.2500 and 1.2430/50
Resistance: 1.2850, 1.2900/20 and 1.3000
Market sentiment: long term – bearish, medium term – slightly bullish, short term – bearish, intra-day – bullish
Hello everyone, It is not news anymore that the US Commodity Futures Trading Commission released its final foreign exchange market rule regarding the limit on leverage for firms dealing in retail forex. A few months ago when the upcoming decision was announced, I expressed my opinion that the 10:1 proposal was ... read more
Quote of the day: A deception that elevates us is dearer than a host of low truths. -- Marina Tsvetaeva
EURUSD
Trading strategy: small long at 1.2740, stop at 1.2680 (0.5% risk), objective at 1.2900
The euro recovered some losses, breaking above the 1.2750 resistance region, following the risk pairs which rallied yesterday. ... read more
EURUSD
Trading strategy: standing aside
Range-bound trading continues as the upside was capped by 1.2740 yesterday but support around 1.2650 was also stable. Recent euro's losses against the Swiss franc and the yen are contributing to its weakness against the dollar, too - and current EURCHF and EURJPY studies don't look too ... read more
EURUSD
Trading strategy: small short at 1.2720, stop at 1.2780(0.5% risk), objective at 1.2620
Support at 1.2650 is again under pressure as the euro failed to maintain its course, erasing most of last week's gains. Next downside barrier comes below 1.2650 at 1.2590/05 which is also the 50% retracement of 1.1875-1.3335. Short-term ... read more
When it comes to the basics in trading, it is a common thing but also time consuming (and quite irrational) to use a lot of indicators, even advanced ones, to identify something so simple that even some 5 years-old child would recognize with the naked eye, without using a state-of-the-art charting platform. I am surprised how many traders face difficulties, ... read more
Hello everyone, It is not news anymore that the US Commodity Futures Trading Commission released its final foreign exchange market rule regarding the limit on leverage for firms dealing in retail forex. A few months ago when the upcoming decision was announced, I expressed my opinion that the 10:1 proposal was quite "shocking" and it will most likely result in a 25:1 to 50:1 limit which will sound more reasonable and everyone will be "happy". Fortunately (for fellow traders preferring higher leverage), I was right -- the final decision, which goes into effect on October 18, is to cap leverage at 50:1 ... read more
When it comes to the basics in trading, it is a common thing but also time consuming (and quite irrational) to use a lot of indicators, even advanced ones, to identify something so simple that even some 5 years-old child would recognize with the naked eye, without using a state-of-the-art charting platform. I am surprised how many traders face difficulties, on a regular basis, when identifying trends. One of the reasons for the failure on identifying market trends is using various technical tools which react in different ways to price action, either causing confusion or signaling trend changes too often ... read more