Signals Articles

EURUSD attractive near the channel low

Forex Analysis
EURUSD attractive near the channel low

EURUSD, Daily

Earlier today Eurozone M3 money supply came in unchanged at 5.0%, as expected in February data. Amid the components, private sector credit showed a 3.2% y/y increase, up from 2.6% y/y growth in the previous month. This moving in the right direction, though below where ECB policymakers would like. Money supply has long since been demoted in the metrics the ECB uses in formulating policy decisions.

Over the last week EURUSD traded lower from the weekly Bollinger Bands after it had rallied for three weeks in a row. Stochastics oscillator is near overbought levels in the weekly picture. The EURUSD pair has created higher lows and higher highs in the daily timeframe and looked like it was building upside momentum. However, the latest high is lower than February 2nd high and suggests the pair could correct lower towards the weekly 30 and 50 period SMAs. This would bring the pair near a rising channel low and the lower daily Bollinger Bands.

I am therefore looking for buy signals between 1.0915 and 1.0990 with Target 1 at 1.1134 – 1.1220 area and Target 2 1.1288 – 1.1360. Please, remember to apply the entry and risk management principles I’m teaching in the webinars. Join me to free webinars if you want to learn more.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

US 4Q GDP Increased to 1.4%

Forex Analysis
US 4Q GDP Increased to 1.4%

US 4Q GDP Beats Expectations

The Q4 GDP growth boost to 1.4% from 1.0% beat estimates thanks to a big service consumption hike to 2.8% growth from 2.1% that fueled a larger than expected consumption growth boost to 2.4% from 2.0%. We otherwise saw the expected $4.9 bln hike for net exports but $3.4 bln trimming in inventories, alongside moderate boosts for private and public construction and tiny downward bumps for spending on equipment and intellectual property. We’ll keep our Q1 GDP growth estimate at 1.8% until we can review Monday’s income report. The Q4 GDP data still show a quarter with a contraction in foreign trade in the face of a weakening global economy and a surging dollar alongside an inventory pullback. We saw a Q4 slowdown in fixed investment growth that was aggravated by a resurgent petro-sector recession, and despite a small “El Nino” construction boost. Real consumption was restrained, with gains more reflective of weak prices than nominal spending strength.

The Q4 GDP growth boost implies a Q4 productivity hike to a 1.6% (was 2.2%) contraction rate that mostly reverses a 2.0% growth clip in Q3, alongside a boost in the Q4 output growth to 1.6% (was 1.0%) after a 1.8% Q3 clip. We expect a trimming in Q4 compensation growth to 1.0% (was 1.1%) after a 2.3% Q3 pace that leaves a unit labor cost trimming to 2.6% (was 3.3%) in Q4 after a 0.4% Q3 rate. The income data from GDP were revised slightly lower to show growth of just 3.1% (was 3.2%) in Q4 after a 4.4% Q3 pace, alongside disposable income growth of just 2.7% (was 2.9%) in Q4 after a 4.5% Q3 pace. We saw a modest trimming in the Q4 savings rate to 5.0% (was 5.1%) that left no change from the Q3 rate. There’s been no savings rate rise with falling oil prices this winter, as recent spending restraint is more a reflection of weak nominal income growth than consumer cautiousness.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

GBPUSD – The Next Three Months

Forex Analysis
GBPUSD – The Next Three Months

GBPUSD – 3 Months to the Brexit Referendum

Three months from today, June 23 2016, the UK votes on whether to remain a member of the European Union. A decision to leave could have a profound impact on the UK economy and the Great British Pound (GBP) in particular. FX markets hate uncertainty and continued volatility looks the norm for the next three months or until one side or the other in the Brexit (“British Exit”) debate takes a significant lead.

Earlier this month the BOE announced that it would make extra cash available to banks around the time of the referendum. The extra cash is designed to help the financial industry to keep ticking over during possible periods of market turbulence or when there might be a risk of a “credit crunch” Currency markets have already been rocked by fears that Britain could leave the 28-member bloc, with the GBPUSD dipping to seven and a half year lows.

So where now for GBPUSD? – Markets have pushed BoE tightening expectations out to Q1 next year, and have built in Brexit risk premium. The latest Poll of polls tracker has 43% in favour of remaining in the union, 41% wanting to leave and 16% undecided, little changed over the last couple of weeks.

The GBP was last surrounded with such political uncertainty in the run to the September 2014 Scottish Referendum. Now, like then, the assumption was the UK government would prevail. It did in 2014 but the vote was MUCH closer than opinion polls or the general public had anticipated. This time the two opposing camps start much closer and the momentum, with three months to go, lies with the UK out campaign.  The assumption is that many voters will settle for the status quo as the safe option. However, with the ruling Conservative party and government deeply divided on the issue (6 members of the cabinet, together with the highly influential Boris Johnson are campaigning for exit) and one cabinet member has actually resigned (although not directly over the Brexit debate), nothing can be taken for granted.

The tragic events in Brussels yesterday also added to GBP’s woes. We see continued depreciation for the GBP in the next three months. The news today reaffirmed our view, overseas investors will continue to reduce their holdings of UK assets, or continue to hedge those holdings because of the volatility and uncertainty surrounding the vote. The cost of hedging the GBPUSD increased by 14.50 percent today as the GBPUSD3M Option soared in value. This is the Option that covers the June 23 vote.

The Monthly Chart above shows the intact down trend with 1.3500 not unrealistic within the next three months.

Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

AUDUSD Strength Set to Continue

Forex Analysis
AUDUSD Strength Set to Continue

AUDUSD Strength Set to Continue

The ongoing AUDUSD strength looks set to continue and the overnight retracement may be an opportunity.

The AUDUSD moved above 0.7600 during the early weeks of March the first time since last July. The move extend gains seen since mid-January, which have been in tandem with rallying commodity markets over the same period. Chinese growth concerns peaked in January, and stimulus from global central banks, or expectations thereof, have since soothed investor nerves, while the Australian economy has surprised many in its ability to fare well despite the drop in mining investment.

The overnight move down could be the opportunity as suggested by the Daily and 4 hour charts. The pair maybe entering a consolidation phase over the next day or two so watch the following levels.

 

The Daily Chart (above) offers Support around the 0.7450 level and Target 1  0.7690 and a break of this level would suggest the next leg up to Target 2  0.7730.

The 4 Hour Chart (240 min below) offers Support at 0.7576 and Target 1 0.7650.

 

2016-03-23_1141

 

Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

Silver – Breaks Key Resistance

Forex Analysis
Silver – Breaks Key Resistance

XAGUSD, Daily

Silver like many commodities has had a good start to 2016, rising over 14% from January’s open at $13.85 to close yesterday at $15.87.  This was on the back of a commodity rally and USD weakness following the dovish tones from the FED on Wednesday.  Thursdays close for Silver represented a new 2106 high and above previous resistance at $15.70. 

The next leg up could be interesting, there is resistance at the psychological $16.00 and $16.05.

Silver is classified as an industrial metal and so moves in different although similar phases to the Gold price which is very much a precious metal and safe haven asset. Silver has not moved as aggressively as Gold during 2016 and we believe there could be further for the silver rally to run as the fundamentals of strong demand for bars and coins builds.

An initial T1 target of $16.10 (October 2015 high) and then to previous high (T2) of $16.25.

Always trade with strict risk management and remember that your capital is the single most important financial aspect of your trading business.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

EURJPY Rolling over from daily Bollinger bands

Forex Analysis
EURJPY Rolling over from daily Bollinger bands

EURJPY, 240 min

Euro area January industrial production beat the estimates today with actual figure being 2.1% while the consensus expectation was 1.5% and December number negative at -1.0%. According to the Eurostat the increase is due to production of capital goods rising by 3.9%, energy and non-durable consumer goods both by 2.4%, durable consumer goods by 1.3% and intermediate goods by 0.9%.

Long trade idea: EURJPY has been trending lower since July last year and has now after overshooting the bearish daily channel shown signs of stabilization. After creating two weekly bullish pin bars the pair rallied higher towards 127.50 resistance where it hit both 30 and 50 day SMA and the upper Bollinger Bands (20). The pair has been overbought as per Stochastics (7, 3, 3) in 4h chart and is in the process of rolling over. I look for a move to my Buy Area at 124.60 – 125.00 which roughly coincides with the moving averages (30 and 50 periods) and the lower Bollinger Bands (1.5 sd, 20 periods). We look for buy signals at or inside the area with Target 1 is at 126.60 – 127.60 and Target 2 at 128.00 – 128.60.

Short trade idea: Those that have an interest to play the short side while waiting for the price to move to the Buy Area, might consider shorts with a target at 125.45 (dotted line). In this case we’d look for sell signals between 126.50 and 126.80.

Only trade these trade ideas if your own analysis agrees with them and you are confident that in your risk management.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

EURUSD Rolling Over

Forex Analysis
EURUSD Rolling Over

EURUSD, 240 min

German HICP was confirmed at -0.2% y/y in final February data, as expected and down from +0.4% y/y in January. The data hasn’t and won’t have market impact, although endorsing the ECB’s anti-deflationary bazooka of stimulus measures yesterday. Oil prices, which reached a 12-year low in January, have been driving inflation down.

EURUSD rallied too far too fast and became overbought. Now this extreme condition has been unwinding and the pair looks like a sell. In my view a more ideal level to short this market would be my Sell Area between 1.1148 and 1.1185 but the price action seems to indicate that the pair could turn lower from levels near 1.1040. This level is a more aggressive entry option while those preferring to wait for a more conservative entry might prefer to wait for a further move into the Sell Area. In either case we consider short trades only if price action confirms the trade idea. Target: at 1.1050-1.1075.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

Signs of weakness after a rally in copper

Forex Analysis
Signs of weakness after a rally in copper

Copper, 240 min

Price of copper surged last week alone by over 7% as shorts were squeezed after a sustained rally in oil supported the commodity complex. This drove the price copper into a weekly resistance area at 2.2246 – 2.2820, an area that coincides with the upper weekly Bollinger Bands. Since the March 4th peak the price of copper has shown signs of weakness and reacted lower from the highs. As the nearest important daily support level is at 2.1493 there is room for further correction.

We look for sell signals inside the 2.2538 – 2.3040 Sell Area with Target 1 at 2.1617 – 2.1891 and Target 2 at 2.0740 – 2.1013. Traders may consider setting stops and position sizes according to the risk management principles taught in my webinars. I advise to use my analysis if your own analysis agrees with it and you have attended my webinars to learn how to manage risks.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

Bearish US wholesale trade report

Forex Analysis
Bearish US wholesale trade report

S&P 500 e-mini future (ES), Daily

Sales dropped while inventories climbed according to the US wholesale trade report today. The wholesale trade report revealed an ugly January mix of a big 1.3% sales drop with a 0.3% inventory climb that left a dangerous spike in the inventory-to-sales (I/S) ratio to a lofty 1.35 new expansion-high, after divergent December revisions that aggravated the rise. The inventory climb did lift Q4 and Q1 GDP prospects, though at the expense of Q2-Q3, given a recession-sized I/S surge that likely reflects an unintended build as sales contract. We still think that the oil-hit to U.S. GDP growth is approaching its end, but plenty of inventory pain remains in the pipeline.

With the market at resistance and showing signs of upside momentum waning we are looking for short trades in the S&P 500 index futures (USA500 in MT4). Should the market first move decisively below 1976 we are then interested in selling rallies to or inside the Sell Area between 1976 and 2009. In such case we are looking for sell signals as per teachings in the webinars. Target 1 is at 1937-1951.50 while Target 2 is at the next support at 1900 – 1915.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.

EURAUD at resistance and Bollinger Bands

Forex Analysis
EURAUD at resistance and Bollinger Bands

EURAUD, 240 min

The last time EURAUD was trading at current levels we looked for signs of reversal as the pair was trading at support. Now support level has been penetrated and its role has been reversed. The same level is now likely to act as a resistance. EURAUD is also trading near the upper 4h Bollinger Bands with Stochastics getting overbought and the down sloping 30 period moving average. The higher time frame momentum is to the downside and the pair has retraced back to a resistance.

We look for sell signals inside the 1.4865-1.4930 Sell Area with Target 1 at 1.4700-1.4753. Should this area get penetrated the Target 2 area is at 1.4614-1.4660.

Janne Muta

Chief Market Analyst

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

http://www.topforexbrokerscomparison.com

About Janne Muta, HotForex’s Chief Market Analyst

jmutaJanne 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.