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Quiet Trading On Easter Monday?

Dear Traders,

European markets are still closed on Monday for the Easter holiday, so trading could be relatively quiet at the beginning of this week.

The most important piece of economic data this week will be the U.S. Nonfarm Payrolls Report on Friday. Today, we have the ISM Manufacturing Report scheduled for release at 14:00 UTC, which may spur some volatility in the market.

Both of our major currency pairs remained range-bound amidst a low-liquidity market environment.

EUR/USD: The euro may find some support around the 1.2250-level but if it drops below 1.2240 it may extend its slide towards 1.2190. On the top-side we see a current resistance at around 1.2480.

GBP/USD: The pound still holds above 1.40 but for how long? If that crucial barrier is significantly breached to the downside, we anticipate lower targets around 1.3880. A climb above 1.4080 may spur some bullish momentum in the market.

We wish you a good start to the new week.

 

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Will Payrolls Lead To Further Losses In EUR/USD And GBP/USD?

Dear Traders,

The ECB’s policy decision came as a surprise for many market participants as policymakers decided to change their guidance by dropping a pledge to increase QE if needed. This tiny step to policy normalization shows confidence in the durability of euro-area growth. The euro initially rose on that hawkish bias but it was ECB President Draghi’s comments at the press conference that send the euro tumbling.

For euro bulls it should have been no surprise that the euro sharply reversed after another test of 1.2450 failed to provide a breakout. Rather, bearish momentum accelerated after the euro dropped below 1.2380 for a second time with the focus now turning to the 1.2280-support level.

The reason for the euro’s decline was that Mario Draghi gave a rather dovish speech saying that he sees interest rates at their present levels well beyond the end of QE. This dovish tone was all traders needed to sell euros toward lower levels.

The British pound was hurt by news from U.K. officials saying that they see “no Brexit deal until next year”. The pound fell toward a low of 1.3780 and currently struggles to hold above 1.38. If it falls below 1.3750 we will focus on lower targets at 1.3710 and 1.3610. A current resistance is however seen at 1.3890.

From the U.K. we have Manufacturing Production figures scheduled for release at 9:30 UTC but this report should take a backseat to the U.S. Nonfarm-payrolls report due at 13:30 UTC, which will receive more attention.

Heading into today’s NFP release, current expectations for the data are modest, with the unemployment rate expected to drop to 4.0 percent and the headline jobs figure to come in at 205K. The focus will also be on average hourly earnings.

Have a nice weekend.

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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 2018 Maimar-FX.

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U.S. Dollar Weaker Ahead Of NFP Report

Dear Traders,

The euro extended its gains and headed towards 1.21 on the back of a weakening U.S. dollar. Our long entry has thus proved profitable. As stated in our yesterday’s analysis, we now expect the EUR/USD to test the 1.2130/50 area. A current support is however seen at the 1.20-barrier.

The British advanced against the greenback after the 1.35-support proved intact. We now expect a next resistance to come in at around 1.3650/60. If the pound, however, falls back below 1.3490, it may extend its slide towards 1.3450.

Today’s focus will turn to the U.S. Nonfarm Payrolls, scheduled for release at 13:30 UTC. The jobs report is projected to show 190K jobs in December while yesterday’s ADP report exceeded expectations, signaling continued momentum in the U.S. economy.

We wish you a nice weekend.

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

View our daily signal alerts https://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 2018 Maimar-FX.

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USD Trades Higher On Senate Progress But Outlook Remains Mixed

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Will Payrolls Hurt Or Help The U.S. Dollar?

Dear Traders,

It’s payrolls day and the euro already started to show some bullish price action ahead of the highly anticipated U.S. jobs report. In our analysis of Thursday we highlighted the chance of a bullish continuation in the EUR/USD and this is precisely what has happened yesterday. The euro was Thursday’s best performer and rose toward 1.1425 on speculation the European Central bank is slowly starting to prepare the market for stimulus tapering.

All eyes now turn to the NFP report which is scheduled for release at 12:30 UTC. While the ADP report fell short of expectations, there is a risk that also NFP data miss and this would be poison for the U.S. dollar. The jobs report is expected to show 178K workers in June while wage growth is expected to have strengthened. If the headlines figures exceed expectations we could see the greenback strengthening but we bear in mind that any disappointment will have a greater impact on the market.

As usual, we will prepare for both bullish and bearish scenario but recommend not investing too much – at least ahead of the payrolls report. If you want to know how to trade the payrolls report and how to adjust your money management, sign up for our signal service here.

We wish you profitable trades and a relaxing weekend.

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/

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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.

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Traders Prepare For Weaker Payrolls – Are They Right?

Dear Traders,

It’s payrolls day and the dollar is clearly tending toward weakness ahead of the first relevant event of the year. Yesterday’s employment data came in mixed with private-sector payroll growth slowing in December while the non-manufacturing ISM index was in line with expectations. Many market participants expect the December employment figures to be weaker, putting the greenback under further selling pressure in the run up to the report. Even if this assumption is correct, wage growth will take center stage in today’s job report. After disappointing November figures average hourly earnings are expected to tick up to 0.3 percent and it is precisely this or a stronger uptick that is needed to put the dollar back in the bullish track. If, however, all key figures of the report disappoint, the greenback will suffer further losses. Let’s wait and see.

The Non-Farm Payrolls report is scheduled for release at 13:30 UTC today.

The euro took a glimpse at the upper side of 1.06 but was not able to hold onto that high level. It will now hinge on the jobs report whether there is still room for further gains toward 1.0650/70. On the downside, traders should keep an eye on the 1.0480-support level. Below 1.0480 we expect the euro to fall back toward the 1.04-mark.

The British pound rose above 1.24 but fell back into its former 1.2350-90-resistance area, which now could prove as a new support for the pound. Below 1.2350 we see a lower bound at around 1.2320. If the pound declines below 1.2270 we expect the bias to shift from bullish to bearish. Above 1.2440, however, we may see a continuation of the upward move, heading for 1.25 and 1.2550. But the price action will depend on the outcome of the payrolls.

We wish you a beautiful and relaxing weekend.

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