Performance for the Day

The EURUSD pair is currently down at the 4hr 200 moving average area and the question is, will the FOMC minutes boost the currency pair?

The common currency pair fell for about 30 pips today in continuation of yesterday’s drop from the 1.1745 ceiling. As at the time of writing this post, EURUSD price is at the 1.1661 area where we have the 4hr 200 moving average support.

However, if the present slide continues, the price may drop towards the 1.1620 ascending trend line support area. It is expected to bounce towards the 1.1745 area after the testing the 1.1620 level.

Next on the economic calendar is U.S Federal Open Market Committee FOMC Minutes due at the top of the hour and U.S Initial Jobless Claims data due tomorrow.

Trade Levels to Watch

A strong break above the 1.1689 resistance level will signal a bullish correction of the pair to the 1.1745 area. A break below the 1.1620 support area will signal a bearish move of the pair to the 1.1595 level.

FOMC

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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