Performance for the Day

The EURUSD pair price broke out of the 1.1615 – 1.1745 range today due to rhetorics from E.U policy makers. The common currency pair price jumped from the 1.1715 area to the 1.1794 area during the European session. The price jump occurred just at the time E.U policy makers commented that they will debate on ending Bond Buys next week. As at the time of this post, EURUSD price is currently hovering at the 1.1763 area.

The main focus of the week remains E.U Gross Domestic Product GDP data and it is due tomorrow. EURUSD may continue in its upward direction after the data release as the E.U GDP data is expected to be unchanged.

Trade Levels

A strong break above the 1.1822 level will signal more bullish correction of the pair to the 1.1890 area. A strong break below the 1.1715 area will signal a bearish move of the pair to the 1.1651 and later to the 1.1596 area.

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 or http://www.forextime.com/?partner_id=4918118). 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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