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Quiet Trading On May 1st?

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Dear Traders,

We welcome you to the trading month of May. May 1st is a public holiday in many countries with many major markets shut for holidays. Trading in the Forex market could therefore be quieter than usual but that doesn’t necessarily mean that there will be no profitable movements. Let us be surprised.

Yesterday we saw the U.S. dollar continuing its rally against the euro and British pound with the GBP/USD touching a fresh low at 1.3712, slightly above the crucial 1.37-boundary. Following the recent declines and with both EUR/USD and GBP/USD hovering around key technical levels now, traders should expect some short covering around crucial support levels. In other words, prepare for consolidated movements around 1.20 in the EUR/USD and 1.37 in the GBP/USD.

EUR/USD: The euro was able to hold above 1.2050 and it will now hinge on the appetite for USD whether the euro falls towards 1.1990 or stabilizes above 1.2150.

GBP/USD: The cable rejected the 1.3710-level and consolidated between 1.38 and 1.37. Whether we will see some extended market moves above or below that zone remains to be seen. Above 1.38, we expect a next resistance to come in at around 1.3840 whereas on the bottom side, a next lower target could be at 1.3650.

Sterling traders will watch the U.K. PMI Manufacturing at 8:30 UTC today.

Furthermore, we have the ISM Manufacturing Index due for release at 14:00 UTC.

Daily Forex Signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2018 Maimar-FX.

www.maimar.co

Challenging Trading While EUR/USD And GBP/USD Consolidate

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Dear Traders,

Amidst Tuesday’s consolidation phase with both EUR/USD and GBP/USD fluctuating sideways within tight trading ranges, we have suffered some losses with our daily signal entries. Any attempt to buy euros or pounds at lower price levels has failed. We hope for better trading opportunities within the next 48 hours and will keep an eye on the technical barriers.

EUR/USD: If the pair is able to overcome its short-term hurdle at 1.1835/40, we may see a run for 1.1880. On the downside, we will wait for a significant break below 1.1790 but bearish momentum may be limited to 1.1770/60.

GBP/USD: The cable was confined to a narrow trading range between 1.3245 and 1.3195. Sterling bears should keep an eye on price drops below 1.3190 and 1.3150 whereas on the other side, a renewed upside break above 1.3225 may send the pound soaring towards 1.3265.

Interesting data points for today:

8:30 UK Construction PMI

12:15 USA ADP Employment Change

(Time zone UTC)

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co

 

 

 

Sluggish Market Environment Continues

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Dear Traders,

Euro and sterling traders had no reason for rejoicing, even though we saw a slight increase in volatility on Wednesday. Yet there were no breakouts in both major currency pairs and while the cable rose to a high of 1.25, the currency pair was unable to overcome that hurdle, at least until now. The euro – how could it be different – remained sideways between 1.07 and 1.0630. With elections looming in France, investors are risk-averse and refrain from making any new investments in the euro until the political situation becomes more stable. This explains the moderate price development.

The FOMC minutes did little to alter the market’s view on the Fed’s 3-hike total policy outlook in 2017. While minutes restated an optimistic outlook for the U.S. economy, the discussion on shrinking the U.S. central bank’s balance sheet later this year drew most attention. There is speculation that the balance-sheet reduction could damp the need for further tightening from the Fed. The U.S. dollar weakened in response to the Fed’s comments on its balance sheet policy.

From a technical view, there is nothing new to report. We are still waiting for sustained breakouts in both EUR/USD and GBP/USD. With no fresh impetus to the market we expect the cable to remain between 1.2520 and 1.2430, whereas trading the euro only becomes interesting if the pair breaks above 1.07 or below 1.06.

Apart from a speech of ECB president Mario Draghi in the morning at 7:00 UTC, the U.S.-China summit will be of high importance.

Daily Forex signals:

Additional daily and long-term entries are available for subscribers.

View our daily signal alerts https://www.maimar.co/category/daily-signals/

Subscribe to our daily signal service https://www.maimar.co/signals/

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2017 Maimar-FX.

www.maimar.co