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Bbey Ducoy
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Bbey Ducoy   My Press Releases

EURUSD: Looking For Support At 1.1670 Area. Thur 12-07-2018

Published on 7/11/2018
For additional information  Click Here

Performance for the Day

The EURUSD pair is currently looking for support at the 1.1670 area after falling for 70 pips due to better than expected U.S Producer Price Index data. The common currency pair rose to the 1.1757 area earlier today before breaking out of the ascending channel.

However, the 4hr 200 period moving average currently lies at the 1.1670 area. Price has been hovering at that level for the last two hours waiting for a catalyst that will push it to the next level.

Next on the economic calendar is German Harmonised Index of Consumer Prices, E.U Industrial Production data, ECB Monetary Policy Meeting Accounts and U.S Consumer Price Index data all due tomorrow.

Trade Levels to Watch

A strong break above the 1.1715 level will signal more bullish correction of the pair to the 1.1822 area. A break below the 1.1651 area will signal a bearish move of the pair to the 1.1595 area.

 

Caution: Forex trading is risky. It is advisable that you acquire enough experience before you start to trade with real money. Do not invest in money that you cannot afford to lose (it is important that you study leverage, lot size, and money management in Forex trading very well before you execute your trade decision).

To trade in the Forex Market you must first sign up with a Forex Broker. There are lots of Forex Brokers out there that offer good service to their clients. Services include tight spread, partnership amongst others. My preferred brokers are 1. Alpari (https://alpari.com/en/?partner_id=1244646) and 2. FXTM (http://forextime.com/?partner_id=4806145). You may sign up through any of the partner links above. You may also send me a mail in case you need me to guide you on how to sign up and start trading (beanfxtrader@gmail.com).

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