Welcome trading legends,
In this blog, we’ll be trading the EUR/GBP asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
The first few months of 2021 proved disappointing for the Euro, but the arrival of April and 2Q’21 brings about the beginning of a seasonally strong period for the single currency. In fact, with the worst month of the year for the US Dollar and the best month of the year for the Euro now underway, there is a quantitative tailwind that may help the Euro claw back some of its early-year losses.
Helping bolster the Euro’s case for a rebound through the first full week of April has been a small but meaningful shift in interest rate differentials that support recent strength in EUR/JPY, EUR/GBP, and EUR/USD: while Japanese government bond yields, UK Gilt yields, and US Treasury yields have pulled back from their yearly highs, German Bund yields have pulled backless.
EUR/USD rates have broken their downtrend from the February and March swing highs, but the pair is once again on the approach to a cluster of Fibonacci levels that have proved to be a cluster of both support and resistance going back to last July: the 76.4% Fibonacci retracement of the 2019 low/2020 high range at 1.1945; the August and September 2020 highs at 1.1967 and 1.2011, respectively; and the 23.6% Fibonacci retracement of the 2017 low/2018 high range at 1.2033.
EUR/USD rates are above their daily 5-, 8-, 13-, and 21-EMA envelope, but the quad of moving averages is not in bullish sequential order. Daily MACD is trending higher, but remains below its signal line, while daily Slow Stochastics have started to climb through their median line. Momentum is starting to gather pace in a bullish manner, which means we can’t dismiss the fact that recent tailwinds may lead to a test of the 1.1945/1.2033 area. Unless the pair climbs through this zone, it remains doubtful that EUR/USD has significant gains ahead of it.
As you can see, the signals from Tools Trades have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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