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 Euro is trading lower against the U.S. Dollar on Wednesday, pressured after a European Central Bank official said the bank was monitoring the currency closely, while the dollar perked up ahead of the Federal Reserve’s first meeting of the year.
ECB governing council member Klaas Knot said the central bank has room to cut its deposit rate further, should it be necessary to improve financing conditions and reach its inflation target.
Knot’s comment constituted the most explicit hint to date from an ECB policymaker about the possibility of a rate cut to stem a rally in the Euro – a move that seemed highly unlikely until recently.
ECB President Christine Lagarde has repeatedly said the central bank is carefully monitoring the single currency’s exchange rate.
The main trend is up according to the daily swing chart, but the formation of a secondary lower top on January 22 suggests momentum may be getting ready to shift to the downside.
A trade through 1.2190 will signal a resumption of the uptrend. The main trend will change to down on a move through 1.2054. It will be reaffirmed if 1.2025 fails as support. This is a potential trigger point for an acceleration to the downside.
In a Bearish Scenario
A sustained move under 1.2122 will indicate the presence of sellers. If this creates enough downside momentum then look for the selling to possibly extend into the main 50% level at 1.2074, followed by main bottoms at 1.2054 and 1.2025 and the main Fibonacci level at 1.2010. The latter is a potential trigger point for an acceleration to the downside.
In a Bullish Scenario
A sustained move over 1.2122 will signal the presence of buyers. If this move generates enough upside momentum then look for the rally to possibly extend into the main top at 1.2190, followed by a short-term retracement zone at 1.2202 to 1.2236.
As you can see the signals from the Tools Trades website 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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