Free Forex Trading Signals for August 8, 2024

August 8, 2024 Forex Analysis

August 8, 2024 – Today’s market analysis and trading signals for major currency pairs, gold, and Bitcoin. Here’s a snapshot of the current market conditions as of today:

EUR/USD: Current price at 1.0899.
GBP/USD: Current price at 1.2688.
USD/JPY: Current price at 147.15.
Gold: Current price at $2,405.93 per ounce.
BTC/USD: Current price at $58,022.11.

EUR/USD Analysis

The EUR/USD pair has been experiencing a slight downtrend in recent days, with the current price at 1.0899. The European Central Bank (ECB) is expected to release its monetary policy statement later this week, which could impact the euro’s strength. If the ECB maintains a dovish stance, we might see further pressure on the euro. However, any unexpected hawkish comments could provide a boost to the pair.

Trading Signal: Consider selling at 1.0910 with a stop loss at 1.0945 and a take profit target at 1.0850.

GBP/USD Analysis

The GBP/USD pair is currently trading at 1.2688. With ongoing political uncertainties in the UK, the pound remains sensitive to news regarding trade deals and economic data. Recent positive employment figures have supported the pound, but traders should watch out for upcoming inflation data, which may affect the Bank of England’s interest rate decisions.

Trading Signal: Consider buying at 1.2650 with a stop loss at 1.2600 and a take profit target at 1.2750.

USD/JPY Analysis

The USD/JPY pair is trading at 147.15. With the US-China trade tensions easing slightly, risk sentiment has improved, leading to a stronger dollar against the safe-haven yen. However, if there are any negative developments in the trade talks, we could see a reversal in this trend.

Trading Signal: Consider buying at 147.00 with a stop loss at 146.50 and a take profit target at 148.00.

Gold Analysis

Gold, often seen as a safe haven asset, is currently trading at $2,405.93 per ounce. Despite the slight improvement in global risk sentiment, gold continues to hold steady. Investors are anticipating the Federal Reserve’s next move, which could influence the precious metal’s direction.

Trading Signal: Consider buying at 2,400withastoplossat2,400withastoplossat2,380 and a take profit target at $2,450.

BTC/USD Analysis

Bitcoin is currently trading at $58,022.11. Cryptocurrency markets have been relatively stable in recent weeks, with Bitcoin holding above key support levels. However, traders should be cautious of sudden volatility that can occur due to regulatory news or large institutional movements.

Trading Signal: Consider buying at 57,500withastoplossat57,500withastoplossat56,500 and a take profit target at $60,000.

Today’s market conditions indicate a mix of opportunities and risks across various assets. Traders should remain vigilant and adapt their strategies according to the latest economic indicators and geopolitical events. Remember to manage your risk effectively and consider setting up alerts for key levels and news releases.

For more detailed insights and personalized advice, consult with a financial advisor or use professional trading tools to stay ahead in the fast-paced world of forex and commodities trading.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

Disclaimer: This article provides general information and should not be considered as financial advice. Always conduct your own research and consult with a professional before making investment decisions.

Free Forex Trading Signals For 08.07.2024

August 7, 2024 Forex Analysis

Free Forex Trading Signals For 08.07.2024

In the fast-paced world of foreign exchange (forex) trading, staying ahead of market movements is key to making profitable trades. Today, we will provide you with free forex trading signals for three major currency pairs—EUR/USD, GBP/USD, and USD/JPY—and gold. These signals are based on current market conditions as of August 7, 2024, and aim to guide your trading strategy.

EUR/USD

Current Price: 1.0922

Analysis:

The EUR/USD pair has been showing signs of consolidation within a tight range over the past few days. The price currently stands at 1.0922, which is slightly above the support level of 1.0900. The Relative Strength Index (RSI) is hovering around 50, indicating neutral sentiment in the market.

Signal:

Buy: Consider entering a long position if the price breaks above the resistance level of 1.0950.
Stop Loss: Place a stop loss below 1.0900 to protect against potential reversals.
Take Profit: Set a take-profit target near 1.1000, where the next significant resistance lies.

GBP/USD

Current Price: 1.2722

Analysis:

The GBP/USD pair has been trending upwards, breaking through key resistance levels. The price is now at 1.2722, and there is strong momentum indicated by the Moving Average Convergence Divergence (MACD) line crossing above the signal line.

Signal:

Buy: Enter a long position as the trend suggests further upside potential.
Stop Loss: Set a stop loss just below the recent support level at 1.2650.
Take Profit: Target a take-profit level around 1.2850, where the next resistance zone is located.

USD/JPY

Current Price: 147.05

Analysis:

The USD/JPY pair has been relatively stable but with a slight bearish bias. The price is currently at 147.05, and the RSI is showing a value of 45, suggesting a neutral-to-slightly bearish sentiment.

Signal:

Sell: Consider opening a short position if the price breaks below the support level of 146.50.
Stop Loss: Place a stop loss above 147.50 to mitigate risk.
Take Profit: Aim for a take-profit target near 145.00, where the next support zone is expected.

Gold

Current Price: $2,396.96

Analysis:

Gold prices have been steadily increasing, driven by geopolitical uncertainties and inflationary pressures. The price of gold is currently at $2,396.96, and the Bollinger Bands indicate that the price is likely to continue its upward trend.

Signal:

Buy: Enter a long position given the overall bullish trend.
Stop Loss: Place a stop loss below $2,350 to limit losses.
Take Profit: Set a take-profit target near $2,450, where the next resistance level is anticipated.

These trading signals are provided for informational purposes only and should not be considered financial advice. Always conduct your own research and consider consulting with a professional advisor before making any trading decisions. Remember that forex trading involves significant risks, including the possibility of losing more than your initial investment.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

Free Forex Trading Signals for 08.06.2024

August 6, 2024 Forex Analysis

Free Forex Trading Signals for 08.06.2024

These trading signals are intended to provide insights into potential trading opportunities. It is important to remember that the Forex market is highly dynamic, and market conditions can change rapidly. Always use appropriate risk management techniques and stay updated with the latest economic news that may impact the markets.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

When and How to Enter the Forex Markets ?

August 2, 2024August 2, 2024 Forex Analysis

When and How to Enter the Forex Markets: A Comprehensive Guide

Entering the forex (foreign exchange) market can be both exciting and challenging. Knowing when and how to enter the market can significantly impact your trading success. This guide will provide you with a comprehensive understanding of the best times to enter the forex markets and the strategies to employ for effective entry points.

Table of Contents

Understanding Market Timing
Identifying Entry Points
Strategies for Entering the Forex Markets
Risk Management and Position Sizing

1. Understanding Market Timing

Market timing in forex trading refers to the practice of entering and exiting trades based on the timing of market movements. Successful market timing requires a deep understanding of market cycles, economic indicators, and the psychology of traders.

Market Cycles: Forex markets typically move in cycles, transitioning between periods of high volatility and low volatility. Understanding these cycles can help you determine the best time to enter the market.
Economic Indicators: Economic data releases, such as GDP, employment figures, and inflation rates, can significantly impact forex market movements. Paying attention to these indicators can help you anticipate market reactions and plan your entries accordingly.
Psychology of Traders: Market psychology plays a crucial role in determining market movements. Fear and greed often drive market participants, and understanding these emotions can give you an edge in timing your entries.

2. Identifying Entry Points

Entry points are specific price levels or market conditions that suggest a high probability of a profitable trade. Here are some common methods for identifying good entry points:

Technical Analysis: Tools such as moving averages, support and resistance levels, and candlestick patterns can provide clear signals for entry.
Fundamental Analysis: News events, central bank announcements, and economic data releases can create opportunities for strategic entries.
Volatility Breakouts: High volatility periods can indicate significant price movements, providing ideal entry points.

3. Strategies for Entering the Forex Markets

Different strategies can be employed depending on your trading style and objectives:

Trend Following: This strategy involves entering the market in the direction of the prevailing trend. Key indicators include moving averages and trend lines.
Counter-Trend: This approach involves trading against the prevailing trend, often after a significant move. It requires careful risk management and a clear exit strategy.
Breakout Trading: Breakouts occur when the price moves beyond a key level of support or resistance. Trading breakouts requires patience and confirmation of the breakout.
News Trading: This strategy involves entering trades immediately before or after significant news events, capitalizing on the immediate market reaction.

4. Risk Management and Position Sizing

Effective risk management is crucial for long-term success in forex trading. Here are some key principles:

Stop Losses: Set stop-loss orders to limit potential losses on any given trade. Adjust them based on the volatility of the currency pair.
Position Sizing: Determine the size of your position based on your account size and the risk you are willing to take. Typically, risk no more than 1-2% of your account on any single trade.
Diversification: Spread your risk across different currency pairs and markets to reduce exposure to any single event or market.

Entering the forex markets at the right time and with the right strategy can significantly enhance your trading results. By understanding market timing, identifying clear entry points, employing effective strategies, and managing risk properly, you can improve your chances of success in the forex markets.

Remember, trading is a continuous learning process, and staying adaptable to changing market conditions is key to long-term profitability.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

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Free Forex Trading Signals for 08.02.2024

August 2, 2024 Forex Analysis

Free Forex Trading Signals for 08.02.2024

In the dynamic world of foreign exchange (Forex), staying ahead of market movements is crucial for traders seeking to capitalize on opportunities. Today, we will provide you with free Forex trading signals for August 2, 2024, based on technical analysis and current market conditions. These signals are designed to help you make informed decisions in your trading activities. Remember that while these signals can be useful, they should be used in conjunction with your own analysis and risk management strategies.

Disclaimer

The information provided here is for educational purposes only and should not be considered financial advice. Trading involves significant risks, including the potential loss of capital. Always conduct your own research and consider consulting with a financial advisor before making any trading decisions.

Market Overview

As of August 2, 2024, the global economy continues to show signs of stability. Central banks around the world have been cautious in their monetary policy adjustments, which has led to a relatively stable environment for currency traders. However, geopolitical tensions remain a key factor affecting market sentiment.

Technical Analysis Indicators

Moving Averages: The 50-day and 200-day moving averages are being closely watched as key support and resistance levels.
Relative Strength Index (RSI): Most major currency pairs are trading within normal ranges, but some show signs of overbought or oversold conditions.
Bollinger Bands: These bands indicate volatility levels, with wider bands suggesting increased movement potential.

Trading Signals

Here are our top trading signals for today:

EUR/USD

Current Price: 1.0891
Support Levels: 1.0850, 1.0800
Resistance Levels: 1.0950, 1.1000
Signal: Buy on a break above 1.0950 with a stop loss at 1.0850 and a take profit at 1.1020. This signal is based on the pair’s recent bullish trend and the possibility of further upside momentum. The RSI is currently neutral, indicating room for upward movement without overbought conditions.

GBP/USD

Current Price: 1.2798
Support Levels: 1.2750, 1.2700
Resistance Levels: 1.2850, 1.2900
Signal: Sell if the price breaks below 1.2750 with a stop loss at 1.2850 and a take profit at 1.2680. This signal is based on the bearish divergence seen in the RSI and the potential for a continuation of the downtrend. The pair has been consolidating near the support level, and a break below could indicate a continuation of the bearish trend.

USD/JPY

Current Price: 147.36
Support Levels: 147.00, 146.50
Resistance Levels: 148.00, 148.50
Signal: Buy on a strong break above 148.00 with a stop loss at 147.00 and a take profit at 149.00. This signal takes into account the recent bullish momentum and the possibility of further appreciation against the Japanese yen. The pair is currently trading near the upper Bollinger Band, suggesting that the trend could continue with further upward movement.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

How to Choose the Best Forex Brokers

July 31, 2024 Forex Analysis

How to Choose the Best Forex Brokers

Selecting the right forex broker is a critical step in your trading journey. With numerous options available, each offering different features and services, choosing the best one can be overwhelming. In this article, we will guide you through the key factors to consider when selecting a forex broker that suits your needs.

Key Factors to Consider

Regulation and Trustworthiness
- Regulatory Compliance: Ensure that the broker is regulated by a reputable financial authority such as the U.S. Securities and Exchange Commission (SEC), the Financial Conduct Authority (FCA) in the UK, or the Australian Securities and Investments Commission (ASIC).
- Transparency: Look for brokers who are transparent about their fees, trading conditions, and policies.
- Reputation: Check online reviews and forums to gauge the broker’s reputation among other traders.
Trading Platforms
- User-Friendly Interface: The platform should be easy to navigate and understand.
- Functionality: Look for advanced charting tools, customizable layouts, and real-time market data.
- Compatibility: Ensure the platform is compatible with your devices (PC, Mac, iOS, Android).
Account Types and Requirements
- Minimum Deposit: Some brokers require a minimum deposit to open an account, which can vary widely.
- Account Types: Different types of accounts (standard, ECN, VIP) offer varying features such as spreads, leverage, and trading tools.
- Leverage: Higher leverage can amplify both profits and losses. Choose a broker that offers a suitable leverage ratio for your risk tolerance.
Trading Conditions
- Spreads and Commissions: Compare the costs associated with trading, including spreads (the difference between the buy and sell price) and commissions (if applicable).
- Execution Speed: Fast execution speeds are crucial in fast-moving markets like forex.
- Slippage: Understand the broker’s policy on slippage (the difference between the expected price of a trade and the actual price).
Customer Support
- Availability: Look for brokers that offer 24/7 customer support since the forex market operates around the clock.
- Communication Channels: Ensure that the broker offers multiple channels of communication (phone, email, live chat).
- Language Support: If English is not your primary language, check if the broker offers support in your preferred language.
Educational Resources
- Learning Materials: High-quality educational content can help improve your trading skills and knowledge.
- Demo Accounts: Test the broker’s platform and services without risking real money using a demo account.
- Webinars and Seminars: Participate in webinars and seminars to gain insights from experienced traders.
Payment Methods
- Variety: Look for brokers that offer a wide range of payment methods, including bank transfers, credit/debit cards, and e-wallets.
- Processing Times: Withdrawals should be processed promptly and without unnecessary delays.
- Fees: Some brokers charge fees for deposits and withdrawals; ensure these fees are reasonable.
Trading Instruments
- Currency Pairs: Ensure the broker offers the currency pairs you wish to trade.
- Other Instruments: Some brokers also offer trading in commodities, indices, stocks, and cryptocurrencies.
Security Measures
- Data Encryption: Look for brokers that use secure encryption technologies to protect client data.
- Segregated Accounts: Ensure that client funds are held in segregated accounts away from the broker’s operational funds.
Community and Social Features
- Social Trading: Some brokers offer social trading platforms where you can follow and copy the trades of successful traders.
- Community Engagement: Active forums and community engagement can enhance your trading experience.

Choosing the right forex broker is essential for a successful trading career. Take the time to evaluate brokers based on the criteria outlined above. Remember that the best broker for one trader may not be the best for another, so tailor your selection process to your specific needs and preferences. Happy trading!

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

Predicting : When the United States Will Cut Interest Rates

July 31, 2024July 31, 2024 Forex Analysis

Predicting when the Federal Reserve (Fed) will cut interest rates is a complex task that involves analyzing a wide range of economic indicators and global events. Interest rate cuts are typically made to stimulate economic growth during periods of economic slowdown or to prevent a recession. In this article, we will explore the factors that influence the Fed’s decision-making process and attempt to predict when the next interest rate cut might occur.

Factors Influencing Interest Rate Cuts

Economic Data:
- Gross Domestic Product (GDP): A slowing GDP growth rate is a strong indicator that the economy may need a boost.
- Unemployment Rate: An increase in unemployment could signal economic weakness.
- Inflation: If inflation remains below the Fed’s target (currently around 2%), it may prompt rate cuts to stimulate demand and push inflation higher.
Financial Market Conditions:
- Stock Markets: Persistent declines in stock markets can lead to reduced consumer confidence and spending, prompting the Fed to cut rates.
- Bond Yields: Inverted yield curves (where short-term rates are higher than long-term rates) often precede recessions and may trigger rate cuts.
Global Economic Trends:
- Trade Policies: Tariffs and trade disputes can negatively impact the U.S. economy, leading to calls for rate cuts.
- Foreign Exchange Rates: A strong U.S. dollar can hurt exports, which might necessitate rate cuts to weaken the currency and improve competitiveness.
Geopolitical Events:
- Political Instability: Uncertainty caused by political events can dampen economic activity and encourage rate cuts.
- Natural Disasters: Major disasters can disrupt economic activity and require stimulus measures.

Analyzing Current Conditions

As of July 31, 2024, the U.S. economy shows mixed signals. While the unemployment rate remains low, there are concerns about slowing GDP growth and inflation below the target level. Financial markets have been volatile, with some signs of an inverted yield curve. Global trade tensions have eased somewhat, but they remain a concern.

Forecasting the Next Rate Cut

Based on the current economic landscape, we can make an educated guess about when the next rate cut might occur. If the following conditions persist or worsen:

Economic Growth: If GDP growth continues to slow or enters negative territory.
Inflation: If inflation remains stubbornly low.
Financial Market Stress: If stock markets experience prolonged downturns or bond yields continue to invert.

Prediction:

Given the current state of the economy and assuming no significant improvements, we predict that the next interest rate cut by the Federal Reserve could occur in the fourth quarter of 2024 or early 2025. This prediction is contingent on the persistence of the aforementioned economic pressures and the absence of significant positive developments.

While predicting exact dates for interest rate cuts is challenging, analyzing key economic indicators can provide valuable insights. The Federal Reserve’s decisions are influenced by a variety of factors, and the timing of the next rate cut will depend on how these factors evolve. Traders and investors should monitor economic data releases, Fed statements, and market movements to stay informed about potential changes in monetary policy.

Disclaimer: This article provides a general forecast based on current conditions and should not be taken as financial advice. The actual timing of interest rate cuts will depend on various factors and can differ significantly from predictions. It is always advisable to consult with a financial advisor and conduct thorough research before making investment decisions.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

Free Forex Trading Signals for July 31, 2024

July 31, 2024July 31, 2024 Forex Analysis

Free Forex Trading Signals for July 31, 2024

In the ever-fluctuating world of foreign exchange (Forex), staying ahead of market movements is crucial for traders seeking to capitalize on opportunities. Today, we will provide you with free Forex trading signals for July 31, 2024, based on technical analysis and current market conditions. These signals are designed to help you make informed decisions in your trading activities. Remember that while these signals can be useful, they should be used in conjunction with your own analysis and risk management strategies.

Disclaimer

Market Overview

As of July 31, 2024, the global economy continues to show signs of stability. Central banks around the world have been cautious in their monetary policy adjustments, which has led to a relatively stable environment for currency traders. However, geopolitical tensions remain a key factor affecting market sentiment.

Technical Analysis Indicators

Moving Averages: The 50-day and 200-day moving averages are being closely watched as key support and resistance levels.
Relative Strength Index (RSI): Most major currency pairs are trading within normal ranges, but some show signs of overbought or oversold conditions.
Bollinger Bands: These bands indicate volatility levels, with wider bands suggesting increased movement potential.

Trading Signals

Here are our top trading signals for today:

EUR/USD

Current Price: 1.0841
Support Levels: 1.0800, 1.0750
Resistance Levels: 1.0900, 1.0950
Signal: Buy on a break above 1.0900 with a stop loss at 1.0800 and a take profit at 1.1000. This signal is based on the pair’s recent bullish trend and the possibility of further upside momentum.

GBP/USD

Current Price: 1.2845
Support Levels: 1.2800, 1.2750
Resistance Levels: 1.2900, 1.2950
Signal: Sell if the price breaks below 1.2800 with a stop loss at 1.2900 and a take profit at 1.2700. This signal is based on the bearish divergence seen in the RSI and the potential for a continuation of the downtrend.

USD/JPY

Current Price: 150.14
Support Levels: 149.50, 149.00
Resistance Levels: 150.50, 151.00
Signal: Buy on a strong break above 150.50 with a stop loss at 149.50 and a take profit at 152.00. This signal takes into account the recent bullish momentum and the possibility of further appreciation against the Japanese yen.

Conclusion

Happy trading!

Disclaimer: Please note that the signals provided are based on hypothetical scenarios and do not guarantee actual performance. Traders should conduct their own analysis and due diligence.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

https://www.topforexbrokerscomparison.com

Weekly Commodity Market Report: Oil, Gas, Gold, and More

July 31, 2024July 31, 2024 Forex Analysis

Oil Prices Remain Supported Amid Supply Concerns

Oil prices remained strong last week, despite a slight correction on Friday driven by a stronger dollar and robust U.S. economic data, which sparked concerns about prolonged high interest rates from the Federal Reserve. Falling crude inventories and renewed supply worries continue to support prices. Official data revealed that U.S. crude stockpiles fell by 2.547 million barrels in the previous week, surpassing expectations. Market watchers are also closely monitoring developments in the Middle East, fearing that the Gaza conflict could escalate and disrupt oil production. Additionally, reports of Ukrainian drone attacks on Russian refineries and Ecuador’s state oil company declaring force majeure on Napo heavy crude exports due to pipeline disruptions from heavy rains have heightened supply concerns.

US Gas Prices Decline Amid Increased Supply & European Gas Prices Capped by High Storage Levels

US gas prices fell last week as producers ramped up supply to meet rising demand. Meteorologists forecast continued hot weather through at least July 5, which will boost demand for air conditioning. Although US gas production hit a 25-month low in May, it has since increased. However, gas flows to major US LNG export terminals remain below capacity due to maintenance work.

In Europe, TTF and UK gas prices remain capped by ample storage levels, currently over 74% full. Governments aim to replenish inventories further over the summer, but competition from Asia for LNG could drive prices up. Recent outages in Norway caused temporary price spikes, and high temperatures in Southern Europe are maintaining strong power demand for air conditioning. This may explain why the EU has not yet banned LNG imports from Russia. The EU’s latest sanctions package targets the re-export of Russian LNG shipments but does not restrict direct imports.

Gold Prices Correct Amid Strong US Data

Gold prices were set for a weekly rise before robust U.S. data and a stronger dollar led to a 1.6% drop on Friday. This correction prompted ETFs to increase their holdings. Although total gold held by ETFs has fallen by 5.5% this year, prices have spiked by 13%, with bullion trading close to the record high hit in May. Central bank demand is also supporting prices, with the World Gold Council reporting that around 20 central banks plan to increase their gold reserves.

Silver Prices Near One-Month Lows

Silver prices are near one-month lows as markets assess the global outlook for industrial demand. Overcapacity from Chinese government support for solar panels is likely to keep short-term demand for industrial silver subdued. However, easier monetary policy settings should support global production.

Copper Prices Hit Two-Month Low

Copper prices are on a downtrend, reaching their lowest level in over two months. Disappointing production data from China and high inventory levels are weighing on prices. Additionally, the Federal Reserve’s indication of prolonged high interest rates is not helping.

Elsewhere in Agriculture market

Soybean Prices Decline on Improving US Supply

Soybean prices continue to decline due to signs of improving supply in the US Markets are closely watching Brazil’s stocks, affected by adverse weather and heavy flooding. Furthermore, Brazil’s president issued an executive order limiting tax credits for commodity exports, potentially raising export prices. Wheat prices are also sliding, trading at their lowest level in two months, as optimism about US supply offsets concerns about reduced output in Russia, Ukraine, and the EU.

Sugar Prices Stabilize Above 20-Month Low

Sugar prices ended the week little changed, remaining above the 20-month low touched at the end of last month. Concerns about reduced sugar exports from India and adverse weather in Thailand have helped stabilize prices, but strong output expectations from Brazil are limiting sharp price increases. The USDA predicts a 4.7% rise in sugar output for the 2023/24 season.

Cocoa and Potato Prices Update

Cocoa futures have dropped to their lowest level since the end of last month, with Ghana’s cocoa regulator suggesting improved weather conditions will boost production. Despite this, cocoa prices are nearly 150% higher than a year ago, and high prices are reducing demand. Potato prices have also stabilized, although they remain nearly 30% more expensive than a year ago.

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

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EURUSD BREAKS KEY LEVEL AND LOOKS WEAK

December 9, 2016 Forex Analysis

EURUSD, Daily

The euro eked out a fresh low versus the dollar while yen edged out a new low as most stock markets in Asia picked up the risk-on vibe imparted by the ECB’s announcement of a net increase in stimulus. EURUSD posted a four-day low at 1.0589 in Asian trade before settling to a narrow range in the low 1.06s. USDJPY logged a four-session peat at 114.56, nearing the 114.82 10-month peak seen on November 30. Yen crosses were also firmer today, pointing to a generally soft tone in the Japanese currency. Elsewhere, USDCAD consolidated above the two-month high of yesterday, despite a second day of gains in oil prices. AUDUSD oscillated around 0.7450, holding well within yesterday’s range. European Stock markets, which rallied in the wake of the ECB announcement yesterday, are mixed, with the DAX down -0.11%, against a gain of 0.11% in the French CAC 40 and a rise of 0.13% in the FTSE 100. Eurozone peripherals, which outperformed yesterday, are underperforming and the Italian MIB is down nearly 1%.

The EURUSD closed significantly below the key 20 DMA last night and a SHORT position was opened at 1.0620.There could be some consolidation around this key level, as the Parabolic SAR remains positive and the Bollinger bands are compressing. Target 1 is 1.0550 and then a retest of recent low at 1.0503 and Target 2 1.0500.Thereafter, next support appears at 1.0160, parity 1.000 and 0.9880. The MACD, RSI and OBV are all suggesting more weakness ahead.

Janne Muta

Chief Market Analyst

If you wish to get the latest forex brokers news,you can visit our Top Forex Brokers official website:

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About Janne Muta, HotForex’s Chief Market Analyst

jmuta Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.

Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.

“My mission is to help you to become a confident and successful trader”

Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.