The EUR/USD pair came under moderate selling pressure this morning, after ECB member Benoit Coeure delivered his speech, which was perceived by markets as dovish. Mr. Coeure stated that the monetary policy of the ECB would remain accommodative for longer period due to lower-than-expected inflation growth pace. Moreover, continuing correction of the major currency pair from its multiyear highs, after its enormous rally, backed by ECB President M.Draghi promises to make a decision on the QE program in October, and recovery of the US dollar across the market will remain key driving factors for EUR/USD in the day ahead. On the data front, today both data calendars will keep silence, bringing nothing to spark volatility on the pair, so broad market trend will continue to determine EUR/USD’s further trajectory.
The USD/JPY pair opened today with a bullish gap and positive mood, extending its recovery from 10-month lows, posted on Friday at 107.32, amid easing risk-off trend. Geopolitical tensions around North Korea have started to cool off, as Pyongyang didn’t launch intercontinental missiles over the weekend, which was one of the main themes for discussions over the last week. This outcome have eased demand for safe-haven assets somewhat, which in turn appeared supportive for the pair at the start of this week. Adding to this, recovery of the US dollar, backed by the US President D.Trump comments, urging the US Congress to accelerate tax reform implementation, also collaborates with pair’s upside traction. Today we will have pretty quiet data session, as the US calendar contains only secondary tier data reports, so the major will continue to trace the US dollar dynamics to determine its direction during this trading session.
The GBP/USD pair shows subdued trading activity at the first trading day of this week, stayin within 20 pips range of 1.3170-90. Seems that the pair remains unable to determine its further direction, as numerous factors influence it this morning. Slight pickup in risk appetite in absence of any new missile launch by N. Korea over the weekend positively affected higher-yielding assets on Monday, lending some support to the pound. On the other hand, recovery of the greenback against its main competitors after its last week’s sharp drawdown is limiting pair’s upside traction. Looking ahead, today we have absolutely empty data calendar, so broad market trend will continue to remain as an exclusive driver for the pair throughout this session.
The BTC/USD pair remains under high pressure at the start of this week, having eased about 500 dollars since Friday’s tops, posted at 4681.30 spot, on the back of ongoing uncertainty around the Chinese crypto market. According to Chinese news source Caixin, China is planning to ban and close all local crypto markets. However, Chinese exchanges noted that they haven’t received any notice from the government regarding this news. Despite the absence of official announcements, investors have already started to sell their crypto-assets, exerting strong bearish pressure on Bitcoin. Currently BTC/USD is trading in the region of 4200.00, while its market capitalization remains near 70 billion US dollars, according to the latest data available on coinmarketcap.
The main events of the day:
Support and resistance levels for the major currency pairs:
EURUSD S. 1.1968 R. 1.2124
USDJPY S. 106.71 R. 109.05
GBPUSD S. 1.3036 R. 1.3300
USDCHF S. 0.9370 R. 0.9542
AUDUSD S. 0.7991 R. 0.8155
NZDUSD S. 0.7163 R. 0.7385
USDCAD S. 1.2022 R. 1.2230
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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.