Performance for the Day

The EURUSD Bulls have now reset sights on the 1.1661 area where we have the 4hr 200 moving average resistance. As at the time of writing this post, price is currently hovering at the 1.1615 area.

However, the common currency initially dropped to the 1.1570 area earlier today due to Brexit worries on the GBP pair. Moreover, due to Dollar weakness, the Bulls were able to push price up to test the 1.16250 resistance area.

Technically, the 4hr 200 period moving average level is currently at the 1.1661 area, and may serve as a resistance for the pair if price continue to rise.

Next on the economic calendar is EU Economic Bulletin Report and U.S Initial Jobless Claims data all due tomorrow.

Trade Levels to Watch

A strong break above the 1.1661 resistance level will signal a bullish correction of the pair to the 1.1689 area. A break below the 1.1573 support area will signal a bearish move of the pair to the 1.1545 level.

Reset

Caution: Forex trading is risky. It is advisable that you acquire enough experience before you start to trade with real money. Do not invest in money that you cannot afford to lose (it is important that you study leverage, lot size, and money management in Forex trading very well before you execute your trade decision).

To trade in the Forex Market you must first sign up with a Forex Broker. There are lots of Forex Brokers out there that offer good service to their clients. Services include tight spread, partnership amongst others. My preferred brokers are 1. Alpari (https://alpari.com/en/?partner_id=1244646) and 2. FXTM (http://forextime.com/?partner_id=4806145). You may sign up through any of the partner links above. You may also send me a mail in case you need me to guide you on how to sign up and start trading (beanfxtrader@gmail.com).

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