The EUR/USD pair was consolidating its positions during Asia in the region of its 3-year highs, marked at 1.2297 spot on Monday, in wake of minor attempts of the US dollar to recover its positions across the market. The latest downside rally of the US dollar could be mainly explained by recent market trend, based on speculations regarding potential convergence between monetary policies of the Fed and major central banks. Adding to this, seems that the market is still digesting potential change of forward guidance, which was mentioned in the ECB minutes last week, that supports the euro across the market lately. Looking ahead, today the economic calendar won’t offer investors anything important, leaving the pair at the mercy of broad market trend during this trading session.
The GBP/USD pair came out of its consolidative pattern to the downside at the beginning of European session, as several bearish factors are exerting pressure on the pair, thus limiting its chances on further gains. The main reason of pair’s decline is attempts of the US dollar to recover its positions, as the greenback remains in oversold conditions. Moreover, market concerns regarding soft Brexit are also weighing on the UK currency lately that is also limiting pair’s further gains. And finally, shrinking risk appetite, especially in anticipation of the UK inflation data, exerts additional pressure on higher-yielding pound on Tuesday. Besides the UK CPI report, the economic calendar won’t bring us anything important, so broad market trend and US dollar price dynamics will remain the key driving factors during the NA session.
The USD/JPY pair has finally broken out of its 6-day streak of losses, having bounced of its 4-month lows, marked at 110.33 a day before. Recent recovery of the pair is mainly explained by technical correction of the US dollar across the market after its massive drawdown. However, it seems that further upside lacks of momentum, as shrinking divergence between the Fed and major central banks, including the BoJ, is still weighing the US dollar. In the day ahead, we will have another data quiet session, as the US economic calendar won’t be able to offer investors anything noteworthy, so the US dollar price dynamics will remain as a sole driving factor for the pair this Tuesday.
Bitcoin still loses points, forcing the BTC/USD pair to retreat below the level of 12,000 this Tuesday. Recent weakness of the cryptocurrency is mainly attributed to ongoing intentions of the Asian authorities to regulate cryptomarket. According to latest headlines, China is going to tighten measures aimed at limiting the mining of cryptocurrencies on its territory. The reason for this decision is explained by the fact that too much electricity is spent on the mining of digital currencies, and the cryptomarket itself contains risks for the financial system. Adding to this, ambiguous news from S.Korea is also putting some pressure on digital assets. According to the latest news, S.Korean authorities will decide on cryptocurrency exchange shut down after sufficient consultation. However, by the recent statement of S.Korea’s FinMin the ban on trading cryptocurrencies is still an option. By the moment of writing, the BTC/USD pair was trading at 11,380.00 level, stepping away from its intraday highs, located at 13,885.00 spot.
Major events of the day:
UK CPI – 11.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.2140 R. 1.2358
USDJPY S. 109.82 R. 111.54
GBPUSD S. 1.3681 R. 1.3873
USDCHF S. 0.9556 R. 0.9720
AUDUSD S. 0.7868 R. 0.8026
NZDUSD S. 0.7198 R. 0.7364
USDCAD S. 1.2365 R. 1.2503
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One Click Trading is a very important and useful tool developed on the basis of Level2 application. One Click Trading makes it very easy to monitor the markets and react to the market changes on time. One click is enough to catch the best price and make a beneficial trade.
To install OCTL2P you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box. Before installing OCTL2P we suggest you close all running applications including MT4 terminals.
Read the license agreement, select the check box I accept the agreement and click Next to proceed.
Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.
When the installation process is finished, the Next button will be activated.
Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.
Before you activate OCTL2P, please, check the settings: launch the MT4 trading platform, from main menu choose Tools → Options, in the opened window select the Expert Advisors tab and switch on the Allow automated trading and Allow DLL imports options and click OK.
To activate the Expert Advisor in the Navigator window, click Expert Advisors. Installed EA should be seen in the list. Double-click on OneClickTradingLevel2 or simply drag and drop it onto the chart. Click OK.
If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.
Metatrader 4 is a modern and easy-to-use trading platform for online trading. It ensures round-the-clock access to financial markets and market information as well as quick order execution. With Metatrader 4 traders may take advantage of using Expert Advisors, Indicators and develop their own trading strategies.
To install Trading platform ForexEE MT4 you should download setup file to your computer and run it to start the installation. Click Next in the installation dialog box.
Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.
Please indicate installation directory for MetaTrader4 and choose name for Start Menu folder Start → All Programs. We recommend using the default installation settings. Also select a relative check box if you want to Create a desktop shortcut, Оpen MQL5.community website or Launch program after successful installation. Click Next.
Now the program is downloading all necessary files from our server and installing them on your PC. Click Finish when installation is complete. Congratulations! MT4 has been successfully installed on your computer.