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EUR/USD testing resistance, potential drop!

Trading Recommendation
Entry: 1.10944Reason for Entry: 100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance
Take Profit : 1.09994Reason for Take Profit: Horizontal overlap support, 61.8% Fibonacci retracement, 78.6% Fibonacci extension
Stop Loss: 1.11419Reason for Stop loss:horizontal swing high resistance, 78.6% Fibonacci retracementThe material has been provided by InstaForex Company – www.instaforex.com…

U.S. Dollar Turning In Lackluster Performance

The U.S dollar turned in a relatively lackluster performance during trading on Wednesday as traders weighed upbeat news on the trade front against a disappointing batch of U.S. economic data. Currently, the dollar is trading at 108.87 yen compared to the 108.63 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is trading at $1.1078 compared to yesterday’s $1.1082. Optimism about trade resurfaced after a report from Bloomberg News indicated the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. Citing people familiar with the talks, Bloomberg said U.S. negotiators expect a phase one deal to be completed before U.S. tariffs are set to rise on December 15. The people told Bloomberg outstanding issues in the talks include how to guarantee China’s purchases of U.S. agricultural goods and exactly which tariffs to roll back. Bloomberg said the people downplayed President Donald Trump’s recent remarks suggesting he would like to delay completing an agreement until after the 2020 elections, noting the president was speaking off the cuff. Meanwhile, traders were also digesting some disappointing U.S. economic data, including…

Crude Oil Spikes On Drop In Inventories Ahead Of OPEC Meeting

Crude oil prices showed a substantial move to the upside during trading on Wednesday as traders looked ahead to the start of OPEC’s biannual meeting in Vienna on Thursday. After inching up $0.14 or 0.3 percent to $56.10 a barrel on Tuesday, crude for January delivery spiked $2.33 or 4.2 percent to $58.43 a barrel. The jump in oil prices came after a report from the Energy Information Administration showed a steeper than expected weekly drop in crude oil inventories. The report said crude oil inventories tumbled by 4.9 million barrels in the week ended November 29th compared to estimates for a decrease of about 1.7 million barrels. Meanwhile, the EIA said gasoline inventories climbed by 3.4 million barrels last week and distillate fuel inventories increased by 3.1 million barrels. Traders were also looking ahead to the meeting of OPEC members of other oil producers and potential changes in oil production policy. Reports suggest OPEC and its allies will discuss increasing the existing supply cut of 1.2 million barrels per day by another 400,000 barrels per day and extend the pact until June. Renewed optimism about trade also contributed to oil’s rally after a report from Bloomberg News indicated the…

Treasuries Give Back Ground Amid Renewed Optimism About Trade Deal

After moving sharply higher over the course of the previous session, treasuries gave back some ground during trading on Wednesday. Bond prices slid to the downside in morning trading and remained firmly negative throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, advanced 7.2 basis points to 1.781 percent. With the increase on the day, the ten-year yield party offset the 12.7 basis point slump seen during trading on Tuesday. The pullback by treasuries came amid renewed optimism about trade after a report from Bloomberg News indicated the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. Citing people familiar with the talks, Bloomberg said U.S. negotiators expect a phase one deal to be completed before U.S. tariffs are set to rise on December 15. The people told Bloomberg outstanding issues in the talks include how to guarantee China’s purchases of U.S. agricultural goods and exactly which tariffs to roll back. Bloomberg said the people downplayed President Donald Trump’s recent remarks suggesting he would like to delay completing an agreement until after the 2020 elections, noting the…

Gold Prices Give Back Ground After Yesterday's Jump

Following the sharp increase seen in the previous session, the price of gold gave back some ground during trading on Wednesday. Gold for February delivery slipped $4.20 or 0.3 percent to $1,480.20 an ounce after jumping $15.20 or 1 percent to $1,484.40 an ounce on Tuesday. The pullback by the price of the precious metal came amid renewed optimism about trade after a report from Bloomberg News indicated the U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase one trade deal. Citing people familiar with the talks, Bloomberg said U.S. negotiators expect a phase one deal to be completed before U.S. tariffs are set to rise on December 15. The people told Bloomberg outstanding issues in the talks include how to guarantee China’s purchases of U.S. agricultural goods and exactly which tariffs to roll back. Bloomberg said the people downplayed President Donald Trump’s recent remarks suggesting he would like to delay completing an agreement until after the 2020 elections, noting the president was speaking off the cuff. Selling pressure was relatively subdued, however, as traders also digested some disappointing U.S. economic data, including a report from payroll processor…

U.S. Service Sector Growth Slows More Than Expected In November

A report released by the Institute for Supply Management on Wednesday showed the pace of growth in U.S. service sector activity slowed by more than anticipated in the month of November. The ISM said its non-manufacturing index dipped to 53.9 in November after climbing to 54.7 in October. While a reading above 50 still indicates service sector growth, economists had expected the index to edge down to 54.5. “The non-manufacturing sector had a slight pullback in November,” said Anthony Nieves, Chair of the ISM Non-Manufacturing Business Survey Committee. He added, “The respondents hope for a resolution on tariffs and continue to be hampered by constraints in labor resources.” The bigger than expected decrease by the headline index was partly due to a steep drop by the business activity index, which tumbled to 51.6 in November from 57.0 in October. Meanwhile, the new orders index rose to 57.1 in November from 55.6 in October and the employment index climbed to 55.5 from 53.7. The report said the prices index also increased to 58.5 in November from 56.6 in October, indicating a faster rate of price growth. On Monday, the ISM released a separate report showing U.S. manufacturing activity contracted for the…

*U.S. Non-Manufacturing Index Dips To 53.9 In November

U.S. Non-Manufacturing Index Dips To 53.9 In November The material has been provided by InstaForex Company – www.instaforex.com…

EUR/USD for December 04,2019 – First upward objective at the price of 1.10964 reached, potential for more upside

EUR did break our important multi-pivot resistance at 1.1094 and reached first upward target. There is potential for further upside and potential test of 1.1176 (second upward target). MACD oscillator is showing increase on the upside momentum, which is good sign that buyers are in control and that buying on the dips is preferable strategy for today. The cause of the upside move on the EUR may be the news from ECB this week combined with US-China potential trade deal.Support levels are seen at the price of 1.1094 (resistance became support) and 1.1066. Resistance level is set at 1.1176.The material has been provided by InstaForex Company – www.instaforex.com…

GBP/USD: plan for the US session on December 4. The services sector revived demand for the British pound, which went to update

To open long positions on GBPUSD, you need:The services sector has revived demand for the British pound, which went to renew highs before the important general election in the UK, which is scheduled for December 12 this year. The breakout of the large resistance of 1.3009, which I paid attention to in my morning forecast, led to the demolition of several stop orders of sellers and further supported GBP/USD. At the moment, after fixing above the next resistance of 1.3039, the bulls rushed to the maximum of 1.3074 and 1.3125, where I recommend taking the profits. With a downward correction in the second half of the day, which is unlikely to happen today, you can count on new purchases after a false breakout at a minimum of 1.3055.To open short positions on GBPUSD, you need:Sellers are in no hurry to return to the market after the demolition of several stop orders. Therefore, it is best to focus on the resistance of 1.3125, the formation of a false breakout on which will be a signal to sell the pound. Otherwise, it is best to sell GBP/USD on a rebound from the level of 1.3167. Only good data on the services sector in…

EUR/USD: plan for the US session on December 4. The euro held its position after good reports on the services sector

To open long positions on EURUSD, you need:In the first half of the day, we could observe the release of several reports on the services sector of the eurozone countries, which, as one, showed growth, which allowed buyers of the European currency to hold their positions above yesterday’s low, forming support of 1.1067. The eurozone composite PMI rose to 50.6 points in November this year. At the moment, the entire focus is shifted to data on the services sector in the United States. Weak reports will allow the bulls to re-test the resistance of 1.1092 and break above this maximum, which will strengthen the demand for EUR/USD and lead to an update of the levels of 1.1109 and 1.131, where I recommend taking the profits. With another unsuccessful attempt to grow above 1.1092, you can count on long positions after the correction from the support of 1.1067, provided that a false breakdown is formed or buy for a rebound immediately from the minimum of 1.1035.To open short positions on EURUSD, you need:Like yesterday, the bears will expect an unsuccessful consolidation above the resistance of 1.1092, which will be the first signal to open short positions in the euro, the purpose of…