Performance for the Day

The EURUSD pair fell today to the 1.1528 area as trade war tension between the U.S and China escalates as the price closed lower for 5 straight days. The common currency price found support just 20 pips above the year’s low earlier today after falling for almost 40 pips.

However, Bearish reduced around the 1.1528 area as the Bulls pushed the price to the 1.1555 area due to weak U.S dollar. Technically, EURUSD pair price may need to break above the 1.1661 resistance area where we have the 4hr 200 moving average for bullish momentum to resume.

As at the time of writing this post, EURUSD price is at the 1.1556 area. Next on the economic calendar is German Industrial Production data due tomorrow.

Trade Levels to Watch

A strong break above the 1.1590 area will signal a bullish correction of the pair to the 1.1620 level. A break below the 1.1528 support level will signal a bearish move of the pair to the 1.4850 level.

Trade

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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