Performance for the Day

The EURUSD pair price is now set for a possible bearish breakout at the 1.1507 area and U.S dollar jumps across board due to Fed Evans speech. As at the time of writing this post, price is at the 1.1520 area.

The EURUSD Bears now appears to be in full control as Bulls were unable to stage a formidable push above the 1.1600 area. Technically, if price breaks the support at the 1.1507 area, the next strong support will be at the 1.1485 level.

The main focus tomorrow on the economic calendar is U.S Consumer Price Index data.

Trade Levels to Watch

A strong break above the 1.1545 level will signal more bullish correction of the pair to the 1.1620 area. A break below the 1.1507 area will signal a bearish move of the pair to the 1.1485 area.

Breakout

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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