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EUR/USD Approaches 1.1860, Next Target At 1.1905?

Dear Traders,

As expected, there was little movement in the Forex market with U.S. markets closed for the Thanksgiving holiday. These quiet conditions may continue today which is why we advise traders not to expect too much from the market and better stay out of new engagements or take profits at smaller targets.

EUR/USD: The euro traded with a tailwind and rose towards 1.1860. Once that level is breached we may see the euro extending its gains towards 1.1895. We bear in mind that the next crucial resistance level comes in around 1.1905. As long as the pair remains above 1.1770 the near-term bias is considered slightly bullish.

GBP/USD: The cable rejected the 1.3340-barrier and dropped back below 1.33. We now expect a near-term support to come in near 1.3265 from where we may see some leg up. Once the cable breaks above 1.3340 we anticipate further gains towards 1.3370 and possibly even 1.34. However, we recommend taking a cautious approach to markets that are illiquid.

Have a nice weekend!

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Market Is Running Out Of Steam; Focus Now On ISM And NFP Data

Dear Traders,

The FOMC minutes have turned out to be a non-event for traders and failed to lift the U.S. dollar. While the Federal Reserve referenced the hawkish shift in its QE plans, the FOMC was split on the timing for their balance sheet reduction. Moreover, there were some inflation concerns in the statement while Fed officials continued to view gradual interest rate increases as appropriate. With the mixed tone from the minutes, the market’s reaction was muted.

The U.S. dollar neither declined significantly nor did it recover following the minutes. We hope for better trading opportunities today with the ISM service sector and private ADP report scheduled for release. While most attention will be paid to tomorrow’s NFP data, the ISM Non-Manufacturing Index, due at 14:00 UTC could spark some volatile movements ahead of the U.S. Labor report. Before, the ADP employment change report is due for release at 12:15 UTC.

EUR/USD

Recent downward trend channel is still intact within an overall uptrend. The euro was recently confined to a narrow trading range between 1.1370 and 1.1310. With the pair remaining below 1.1350 we expect it to follow the downward channel towards 1.1285. If the euro breaks however above 1.1360 we could see another leg upwards, pointing towards 1.15.

The performance of the GBP/USD was muted with the pair trading more or less sideways between 1.2950 and 1.2890. We will keep an eye on prices either above 1.2960 or below 1.2890.

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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

 

 

 

Euro And Cable Remain Above Crucial Support Levels

Dear Traders,

The FOMC minutes failed to provide fresh hawkish evidence dollar bulls had hoped for and at the end of the trading day, there was nothing to gain. While the minutes confirmed the likelihood of a June rate hike, they have been casting doubts over the future trajectory for rate increases. Fed policy makers stated that they wanted more evidence that the recent economic slowdown is in fact transitory. Consequently, these statements were interpreted as slightly more dovish due to the lack of certainty to the policy pace. Following the disappointing minutes, the U.S. dollar gave up previous gains and pushed the euro and pound again higher in return.

The EUR/USD finally rose towards its recent resistance area around 1.1260. Once the 1.1270-level is broken to the upside the euro could climb towards 1.13 and 1.1350. On the bottom side, the 1.1160-support remains intact. There are no major economic reports scheduled for release today, so trading might be quiet.

The GBP/USD traded stable above 1.29 and every attempt to sell the pair below 1.2950 proved unsuccessful. Above 1.30 the pound may tend towards a renewed test of the 1.3040-resistance. A break of that level could result in a rise towards 1.3080. U.K. GDP figures are due for release at 8:30 UTC and if there is a surprise, the pound could react with a volatile price action.

Daily Forex signals:

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

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

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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

 

 

 

Market Returned To Risk-Off Mode

Dear Traders,

Risk appetite among market participants has subsided following the risk-on rally in the wake of French elections. While we had hoped for some further momentum in the markets, traders were disappointed by the poor market situation and consequently none of our daily signal entries was triggered. We may see some increase in volatility as soon as tomorrow as investors are turning their attention to U.S. President Trump who will unveil his tax plan on Wednesday. According to a White House official, he will call for cutting taxes for individuals and lowering the corporate rate to 15 percent. Trump’s announcement could strengthen the U.S. dollar.

The euro traded sideways within a tight trading range between 1.0880 and 1.0835. We are now looking for small breakouts either above 1.0880 or below 1.0845. However, with market participants pulling back on EUR/USD positioning we have no other choice than waiting for the market sentiment to improve.

The British pound refrained from showing any larger price fluctuations and remained steady above 1.2770, at least for the time being. A current support level is seen at 1.2745 whereas a short-term resistance remains intact at 1.2830/40.

U.S. Consumer Confidence is scheduled for release at 14:00 UTC and is the only noteworthy report today.

Daily Forex signals:

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

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

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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

 

 

 

Euro And Cable: Sideways Trend As Major Market Movers Lack

Dear Traders,

With U.S. markets shut on Monday, we had a pretty quiet market and low market volatility. Thus, any larger market movements were lacking and both of our major currency pairs fluctuated in narrow sideways trading ranges.

During Asia-Pacific trading hours the euro finally dropped below 1.06 and is now within its support area between 1.0580 and 1.0560. Given the recent bearish momentum the euro may extend its losses towards 1.0550 but in short-term time frames the single currency is in an oversold territory which is why we could see some pullbacks today. Current resistances are seen at 1.06 and 1.0635 from where sellers may jump back in.

German and Eurozone PMI reports are scheduled for release at 8:30 and 9:00 UTC but these reports are not expected to have a significant impact on the euro.

The British pound was unable to break through the 1.2480-barrier and finally gave up its modest gain, sliding back towards 1.2430. If the pound falls below 1.2425, we may see further losses towards 1.24 and possibly even 1.2350. Sterling bulls should however wait for prices above 1.2480 in order to buy sterling towards 1.2550.

Bank of England Governor Mark Carney will testify before the U.K. Parliament at 10:00 UTC and his comments could have an impact on the pound’s price action.

Daily Forex signals:

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

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

Subscribe to our daily signal service http://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