Performance for the Day

The EURUSD pair falls again today at the 1.1745 level as news that U.S and China may resume trade talk hit the wires. Today will make the fourth time in two weeks that price tested the 1.1745 area and fell.

The 1.1745 ceiling is now becoming a very strong resistance for the Bulls as the level becomes a critical ceiling that Bears use to push price down. As at the time of writing this post, EURUSD price is at the 1.1697 area.

However, the 4hr 200 period moving average will now serve as a support for the pair at the 1.1661 area. Moreover, if the present slide continues, the price may drop towards the 1.1623 ascending trend line support.

Next on the economic calendar is U.S Federal Open Market Committee FOMC Minutes due tomorrow.

Trade Levels to Watch

A strong break above the 1.1745 resistance level will signal a bullish correction of the pair to the 1.1789 area. A break below the 1.1689 support area will signal a bearish move of the pair to the 1.1661 level.

Falls

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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