Welcome trading legends,
Today we shall trade the EUR/USD forex asset. For the trade, we’ll be using the IQ Options broker and the signals provided by the ToolsTrades website.
Be sure to stick to the end of the article as I’ll be sharing with you a special Forex Signal promo code.
The EUR and USD are the most widely traded currency pairings across the FX world. Their respective economies are also the world's 2 largest. The EUR, alongside the USD, is also a major global currency reserve. While both are influenced by central banks, the Eurozone does not have central control of fiscal policy across member states. Monetary policy divergence and geopolitics also provide volatility across the pairing. The pair account for 28% of total transaction volume in the FX market.
Now, let us get back to our trading scenario.
The Euro is trading lower against the U.S. Dollar on Wednesday as the profit-taking and position-squaring continue ahead of Thursday’s European Central Bank (ECB) policy announcements.
The single currency has lost about 2% since posting a 28-month high above 1.20 on September 1, spurred lower by comments from ECB chief economist Philp Lane who said the exchange rate mattered to monetary policy.
At 10:54 GMT, the EUR/USD is trading 1.1755, down 0.0019 or -0.16%.
Meanwhile, a consensus of investors thinks any hint of concern at the Euro’s rise, or that low inflation will require an ultra-easy policy for a very long time could whack the Euro lower again and boost the U.S. Dollar.
When it comes to Daily Swing Chart Technical Analysis
The main trend is up according to the daily swing chart, however, momentum is trending lower. The main trend will change to down on a trade through the last main bottom at 1.1754. A trade through 1.2011 signals a resumption of the uptrend.
The minor trend is down. This is controlling the momentum.
The short-term range is 1.1754 to 1.2011. Its retracement zone at 1.1826 to 1.1861 is resistance. Trading on the weak side of this zone is adding to the downside momentum.
The main downside target is the longer-term retracement zone at 1.1691 to 1.1616. Since this zone represents value, it is a valid downside target. Look for buyers to return on a test of this zone.
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If you really want to become a true forex trading master, what you need to showcase is true commitment. The absolute worst thing anyone can do is simply “dabble” in the forex market, as by doing this, you are putting your capital at risk. Successful forex traders (and those who understand the true secrets of forex trading) commit to regular trading over the long term, often on a daily basis. The importance of creating a trading “schedule” and standing by it becomes apparent, with this being one of the forex trading secrets you shouldn’t ignore if you have profitable trading in mind.
As you can see the signal from ToolsTrades has worked. Be sure to use the promo code that is displayed on the screen.
Be sure to check out the video:
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