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Bbey Ducoy
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Bbey Ducoy   My Press Releases

EURUSD: Preparing to Retest 1.1745 Area. Mon 30-07-2018

Published on 7/27/2018
For additional information  Click Here

Performance for the Day

The EURUSD pair is preparing to retest the 1.1745 area again as U.S GDP figures failed to boost the U.S dollar. Price is currently hovering at the 1.1658 area just below the 4 hr 200 moving average area.

The common currency rose for about 30 pips today after the day's slide was halted at the 1.162 area. EURUSD price has been consolidating just under the 4hr 200 moving average in the last few hours in a bid to break above the 1.1660 level.

However, the 4hr 200 period moving average may serve as a support for the pair at the 1.1665 area if that level is broken. Moreover, if the present jump continues, the price may rise to test the 1.1745 descending trend line resistance for the fourth time in two weeks.

Next week, the focus on the economic calendar will be EU GDP data, U.S Federal Open Market Committee FOMC Minutes and Non Farm Payroll data.

Trade Levels to Watch

A strong break above the 1.1689 resistance level will signal a bullish correction of the pair to the 1.1715 area. A break below the 1.1620 support area will signal a bearish move of the pair to the 1.1595 level.

Preparing

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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