The EUR/USD pair came under bearish presser and lost some pips in early Europe after brief consolidation phase on the back of attempts of the US dollar to recover its positions across the market. Recent dollar’s recovery could be mainly explained by upbeat data from the US labor market, released on Thursday. Adding to this, markets are expecting further downside correction of the major currency pair in wake of profit-taking actions after its recent bullish rally and re-opening buy orders on the US dollar after New Year holidays. On the data front, today we have a pretty busy session, as the economic calendar contains several important releases, such as flash EU inflation numbers and crucial US jobs report, which will set up pair’s further direction this Friday.
The GBP/USD pair failed to keep its positive traction in early Europe, having lost the most part of its intraday gains. Latest pair’s leg down could be explained by attempts of the US dollar to recover positions against its main competitors, as investors are still digesting yesterday’s positive indicators from the US labor market. However, the pound remains better bid on the last working day of this week on the back of increased risk appetite, which dominates the market lately. Moreover, seems that the pound is still benefiting from the upbeat UK services PMI report, which was released a day before. Looking ahead, today all traders’ eyes will remain glued the key US jobs data, which will help the US dollar to form its further trend.
The AUD/USD pair have finally lost its bullish momentum after 12-day winning streak. In Asia, the pair once again refreshed its highs at 0.7869, which were last seen in mid-October. The latest bullish rally of the pair is mainly attributed to broad weakness of the US dollar, which was dominating the market for the last couple of weeks. Adding to this, upbeat risk-on sentiments, boosted by yesterday’s Chinese Caixin Services PMI, also provide some support to the higher-yielding Aussie. However, seems that the AUD/USD pair lost its positive traction earlier today on the back of renewed optimism around the US dollar. Adding to this, disappointing Australia’s trade balance numbers also added some bearish pressure on the pair, thus forcing it to change its direction. Today all traders’ attention will remain focused on the key event of this Friday – release of NFP, which is scheduled on the NA session and will help the pair to determine its further direction.
The USD/JPY pair extends yesterday’s rebound, while breaking through the level of 113.00 in the European morning on the back of several bullish factors. One of the main driving factors for the pair remains increased demand for risky assets, which exerts negative pressure on the safe-haven yen. Adding to this, renewed optimism around the greenback, caused by yesterday’s US ADP jobs data, also contributes to latest pair’s bullish rally. On the other hand, ongoing geopolitical drama between the US and N.Korea and upcoming crucial NFP data may easy demand for risky assets somewhat. Besides the US payrolls release, investors will also draw their attention to the data from the US non-manufacturing sector, which will also be released during the NA trading session.
Major events of the day:
EU Prelim. CPI – 12.00 (GMT +2)
US Nonfarm Payrolls – 15.30 (GMT +2)
US Unemployment Rate – 15.30 (GMT +2)
Canada Employment Change – 15.30 (GMT +2)
US ISM Non-Manufacturing PMI – 17.00 (GMT +2)
Canada Ivey PMI – 17.00 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.1969 R. 1.2137
USDJPY S. 112.27 R. 113.09
GBPUSD S. 1.3484 R. 1.3592
USDCHF S. 0.9712 R. 0.9798
AUDUSD S. 0.7796 R. 0.7900
NZDUSD S. 0.7039 R. 0.7221
USDCAD S. 1.2436 R. 1.2580
Follow us on Facebook to stay up-to-date with important events on Forex market.
The best conditions for making a start on STP only at Forex.ee! Register an account now and feel the difference from the first trade!
Your European ECN-broker,
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.