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EUR/USD – Potential Falling Wedge!

EUR/USD has decreased a little as the USDX has bounced back after the massive drop. The pair is trading at 1.0945 and is fighting hard to increase again because the Dollar Index has found temporary resistance. The price has been moving sideways according to the H1 chart, it has also developed a Falling Wedge pattern, so an upside breakout will confirm a bullish movement on the short term.The USD could drop further if the US data disappoints again today, the Unemployment Claims could increase from 3,283K to 3,600K amid the COVID-19 epidemic effect, an unexpected increase could bring high volatility. EUR/USD will increase only if the USDX drops again, a USDX’s increase will force the pair to drop further, this scenario will happen if the US data comes in better.The EUR/USD Falling Wedge pattern is far from being confirmed, the price is trading much below the upside line and below the 38.2% retracement level. So, only a valid breakout above the 38.2% level and most important from the chart pattern will validate a further increase on EUR/USD.A potential increase will be invalidated if EUR/USD makes a downside breakout from this pattern. The bias is bearish as long as the price stays…

Dollar Gains Against Peers

The U.S. dollar stayed firm against most of its peers on Wednesday amid fears of an imminent deep recession due to the impact of the rapidly spreading coronavirus pandemic. A report from payroll processor ADP said private sector employment fell by 27,000 jobs in March in the U.S. after jumping by a downwardly revised 179,000 jobs in February. The dollar index rose to 99.84 this afternoon, but gave up much of its gains subsequently and was last seen at 99.41, up 0.35% from Tuesday’s close. Economists had expected private sector employment to plunge by 150,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month. The drop was much smaller than expected but still reflects the first decrease in private sector employment since September of 2017. The Institute for Supply Management’s report showed a contraction in U.S. manufacturing activity in the month of March. The ISM said its purchasing managers index dipped to 49.1 in March after edging down to 50.1 in February. While a reading below 50 indicates a contraction in manufacturing activity, economists had expected the index to show a steeper drop to 45.0. Against the euro, the dollar strengthened to $1.0964 from $1.1041,…

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Treasuries Move Back To The Upside Amid Renewed Coronavirus Concerns

Following the pullback seen in the previous session, treasuries moved back to the upside during the trading day on Wednesday. Bond prices pulled back off their best levels in afternoon trading but remained firmly positive. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 6.3 basis points to 0.635 percent. The rebound by treasuries came as traders looked for safe havens came amid renewed coronavirus concerns after White House officials warned of nearly a quarter million deaths from the pandemic. During a White House press conference on Tuesday, President Donald Trump warned the U.S. is facing a “very, very painful two weeks.” White House officials are now projecting between 100,000 and 240,000 deaths in the U.S. as a result of the outbreak, which Trump previously sought to downplay. “This could be a hell of a bad two weeks. This is going to be a very bad two, and maybe three weeks. This is going to be three weeks like we’ve never seen before,” Trump said. The comments from the White House come as data from Johns Hopkins University shows there are more than 190,000 confirmed coronavirus cases in the U.S. and…

EUR/USD and GBP/USD. Results of April 1. Dollar receives support from macroeconomic data. Number of coronavirus cases in

4-hour timeframe
Average volatility over the past 5 days: 153p (high).
The EUR/USD pair continued the downward movement on the third trading day of the week. After a short respite, the downward movement resumed, the Kijun-sen line was overcome, and the euro/dollar pair has currently worked out the Senkou Span B line, which can also not be delayed for a long time. Thus, the chances that the downward movement will continue to increase significantly during today’s trading. However, there is also reason to believe that we are now witnessing a correction against a correction. Judge for yourselves: we observed a strong drop in the currency pair in the period from March 9 to March 23, and then a strong growth from March 23 to March 27, which totaled approximately 60% of the previous fall. Now we can observe a correctional decline already against the growth of March 23–27. Given the fact that the volatility of the pair is slowly decreasing (so far 122 points have been completed so far), there really is reason to expect a smooth calm of the currency market. If this hypothesis is true, then this is great news for traders who are tired of quite…

U.S. Construction Spending Unexpectedly Slumps 1.3% In February

A report released by the Commerce Department on Wednesday showed an unexpected decrease in U.S. construction spending in the month of February. The Commerce Department said construction spending slumped by 1.3 percent to an annual rate of $1.367 trillion in February after spiking by 2.8 percent to an upwardly revised rate of $1.385 trillion in January. The pullback came as a surprise to economists, who had expected construction spending to climb by 0.6 percent following the 1.8 percent jump originally reported for the previous month. The unexpected drop in construction spending reflected notable decreases in spending on both private and public construction. Spending on private construction tumbled by 1.2 percent to an annual rate of $1.026 trillion, as spending on residential construction slid by 0.6 percent and spending on non-residential construction plummeted by 2.0 percent. The report said spending on public construction also plunged by 1.5 percent to an annual rate of $340.9 billion, with spending on educational and highway construction both showing significant drops. Despite the monthly decrease, the Commerce Department said total construction spending in February was up by 6.0 percent compared to the same month a year ago. The material has been provided by InstaForex Company -…

April 1, 2020 : GBP/USD Intraday technical analysis and trade recommendations.

Since January 13, progressive bearish pressure has been built above the price level of 1.2780-1.2800 until March the 2nd when transient bearish consolidation below 1.2780 took place within the depicted wide-ranged slightly bearish channel.Shortly after, significant bullish rejection was demonstrated around 1.2780 on March 4. Hence, a quick bullish movement was expressed towards the price zone of 1.3165-1.3200 where significant bearish pressure brought the pair back below 1.2780, 1.2500 then 1.2260 via quick bearish engulfing H4 candlesticks.Recently, the GBPUSD has reached new LOW price levels around 1.1450, slightly below the historical low (1.1650) achieved in September 2016.Recently, the GBP/USD pair looked very OVERSOLD around the price levels of 1.1450 where a double-bottom reversal pattern was recently demonstrated.Technical outlook will probably remain bullish if bullish persistence is maintained above 1.1890-1.1900 (Double-Bottom Neckline) on the H4 Charts.Bullish breakout above 1.1900 (Latest Descending High) invalidated the bearish scenario temporarily & enabled a quick bullish movement to occur towards 1.2260.Next bullish targets around 1.2520 and 1.2680 are expected to be addressed if sufficient bullish momentum is maintained.On the other hand, H4 Candlestick re-closure below 1.2265 hinders further bullish advancement and enhances the bearish momentum on the short term.If so, Initial Bearish target would be located…