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EUR/USD

Long @ 1.2175

Short @ 1.2130

GBP/USD

Long @ 1.3360

Short @ 1.3320

DAX® (GER30)

Long @ 13240

Short @ 13180

 

Monthly results 2020:

November 2020: +75 pips

October 2020: +432 pips

 

We wish you good trades!

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EUR/USD Above 1.20: ECB Scandal May Affect Ability to Talk Down the Euro

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Euro And Pound With a Tailwind – Is The Rise Going To Continue?

Dear traders,

Basically, we got what we have been looking for – price breakouts that provided some profits for traders- even though not as big as we hoped for.

The EUR/USD broke above 1.1830 but stopped its rise at 1.1859 – for now. If the pair is able to hold above 1.18, we focus on a higher target at 1.1950. If bulls are however unable to stabilize the euro’s price above 1.1830, bears might regain control and push the pair back into its recent downtrend channel.

The GBP/USD broke above 1.31 and headed towards 1.3160 on the back of a weakening U.S. dollar on the one hand and a bigger-than-expected increase of the Bank of England’s QE program on the other hand. A higher target is seen at 1.32 while the 1.30-level turns into a crucial support again.

The Federal Reserve made no change to asset purchases while stressing that the U.S. economy needs more fiscal and monetary policy support, opening the door to a possible shift in coming months.

As for the U.S. election, Joe Biden holds his lead in many battleground states while President Donald Trump questions the credibility of the election. The results still remain uncertain.

This crucial trading week comes to an end and the last but important report will be the U.S. non-farm payrolls report due today at 13:30 UTC.

Have a wonderful weekend everyone!

 

We wish you good trades!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2020 MaiMarFX.

www.maimar.co

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Euro And Cable Are Stuck In Tight Ranges

Dear Traders,

As expected, the FOMC minutes failed to trigger any major market movements and both currency pairs traded boringly within tight trading ranges. Consequently, there was nothing to be gained for traders.

Many Federal Reserve officials saw increased downside risks to the outlook for the U.S. economy if the recent global market turmoil, including the slowdown in China was sustained, the minutes showed. While rate hike expectations for 2016 have been gradually priced out, there is still a small chance for the Fed to raise interest rates in the middle of the year. Policy makers emphasized that the timing and pace of adjustments will depend on future economic and financial developments and so, if the U.S. economy continues to improve the Fed could follow its path of further tightening.

We will wait and see and focus on technical conditions. The EUR/USD formatted a current trading range between 1.12 and 1.11 and traders should rather wait for any sustained breakout above or below that range. If the euro breaks above 1.1215, there is a next hurdle at 1.1240/50, which needs to be broken before we can shift our focus to 1.13 again. On the downside, we expect the 1.1085-70 area to be crucial for further bearish momentum. With a break of 1.1070, we could see the euro falling towards 1.1050 and 1.0990.

The GBP/USD remained well above 1.4240 but was not able to exceed the 1.4340-level. Once the 1.4340-level will be breached to the upside, sterling could rally towards 1.4380 and 1.44. Above 1.4410 the next crucial level could be at 1.4450. However, below 1.4270 we will turn our focus towards the 1.42-mark.

Today we will keep an eye on the following important economic reports which may have an impact on the currencies:

12:30 EUR ECB Meeting Minutes

13:30 USA Philly Fed Index

16:00 USA Crude Oil Inventories

(Time zone GMT)

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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 2016 Maimar-FX.

www.maimar.co

 

 

 

Roller Coaster Ride In Both EUR/USD And GBP/USD

Dear Traders,

Both EUR/USD and GBP/USD experienced a roller coaster ride yesterday and while short-traders initially achieved good profits, some of these gains were lost owing to the strong rebound. In the end, both major currency pairs ended the day more or less unchanged against the U.S. dollar.

The euro slid to a low of 1.0778 on dovish comments from ECB president Mario Draghi. While interest rates were kept unchanged, he readied the market for more stimulus at the next ECB meeting in March and traders got what they have been looking for: A strong hint that the ECB is willing to increase stimulus. Draghi said officials will review their programs in March and there are “no limits” on how far the central bank is willing to deploy additional measures within mandate. He signaled concerns about low commodity prices and their effects on inflation and said that policy makers “have to be vigilant about that”. Further clues on the inflation outlook will be published in the Quarterly Survey of Professional Forecasters, scheduled for release today at 9:00 GMT.

Draghi is scheduled to speak today at 7:45 GMT in Davos.

While a dovish ECB was enough to sent the euro in the short-term lower, it is still not enough to change the overall sentiment immediately. But at least yesterday’s statement will put pressure on the EUR/USD and traders should generally favor the downtrend. Below the important support at 1.08 the euro marked a second support at 1.0775, which needs to be broken in order to revive further bearish momentum towards 1.0730 and 1.0665.

The British pound followed the roller coaster ride and rose from its fresh 1.4079-low to 1.4249. Current resistances could be intact at 1.4250 and 1.4285/1.43, while recent support-areas are seen at 1.4155, 1.4130 and 1.4080/65.

Important U.K. economic data is scheduled for release at 9:30 GMT with the U.K.Retail Sales report. Economists are looking for a weaker report and if they are right, sterling could continue its downtrend.

From the euro zone we have the German Manufacturing and Services PMI, due at 8:30 GMT, which could have a short-lived impact on the euro.

Furthermore, U.S. Manufacturing PMI scheduled for release at 14:45 GMT and Existing Home Sales due at 15:00 could only have a small impact on the dollar.

We wish you a beautiful weekend.

Daily Forex signals:

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 2016 Maimar-FX.

www.maimar.co

 

 

 

EUR/USD: Will The 1.08-Support Withstand Pressure Ahead Of The ECB Meeting?

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Will 2016 Be A Year Of Further Dollar Strength?

Dear Traders,

Happy New Year! We hope you have had a good start into 2016 and wish you all the best for the New Year and, of course, many profitable trades.

At every beginning of the year many market participants wonder what they can expect from the new year. There has already been speculation as to whether the dollar rally will last another year or not. After three straight years of gains the odds are in favor of the U.S. dollar, even though the Federal Reserves’s monetary tightening cycle could weigh on U.S. growth. It will therefore be a challenge for the Fed to raise interest rates to an appropriate level which allows responding to economic setbacks. We generally expect the greenback to strengthen in the coming months as the Fed is forecast to continue raising interest rates. But as we all know, appearances can be deceptive and traders should bear in mind that both major currency pairs could be bottoming out if Fed officials begin to backtrack their hawkish views.

What is important for this week?

There are plenty of important data releases this week, but since the market participation may be slow in the first weeks of January, the impact of economic data could be limited. The focus will be on Consumer Prices from the Eurozone, scheduled for release on Monday and Tuesday. Furthermore, the Fed will release the FOMC minutes from its December meeting on Wednesday. The minutes are unlikely to have a significant impact on the dollar as the FOMC voting membership rotates every year, which is why some central bankers who voted for a rate hike last year are no longer voting members this year. Moreover, all eyes will be on the U.S. Employment data on Friday. If payrolls growth exceeds 200k alongside a strong rise in average hourly earnings, the dollar could be poised for further gains.

Let’s take a brief look at the technical side:

EUR/USD

The euro traded consolidated in a 1.10-1.08 trading range. We will need to wait for breakouts of this range in order to see fresh momentum. In the near-term we expect the euro being capped from 1.0950 and 1.10. A sustained break above 1.10 could invigorate bullish momentum towards 1.1050 and 1.11. On the bottom side the 1.08-level will be key and it would require unambiguous positive U.S. data to push the pair through this support.

Chart_EUR_USD_4 Hours_snapshot04.01.16

GBP/USD

Based on the recent bear trend we see a next important support area at 1.4635 and further 1.4560. However, given the latest strong downward move, chances are that sterling shows some corrections in the short-term. Current resistances are seen at 1.4850 and 1.4950.

 

Chart_GBP_USD_Daily_snapshot04.01.16

Important data for today:

8:55 EUR German Manufacturing PMI

9:30 UK Manufacturing PMI

13:00 EUR German Consumer Price Index

15:00 USA ISM Manufacturing

(Timezone GMT)

Daily Forex signals:

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 2016 Maimar-FX.

www.maimar.co

 

 

 

No Momentum In The Market

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