The pair EUR/USD resumed the upside on Wednesday, correcting higher from its weekly lows, marked at 1.1827 during the last NA session. The main reason of pair’s corrections remains offered tone of the US dollar. Yesterday the greenback came under bearish pressure, following dovish comments of Fed Chair nominee J.Powell, who reiterated recent Fed Chair J.Yellen’s comments on weaker inflation growth pace. However, pair’s further upside looks fragile on the back of sharp drawdown of the euro in the cross with the pound, which eventually exerts negative correlational pressure on EUR/USD. Looking ahead, today the Eurozone will offer only secondary data reports, while the US will publish the preliminary GDP report and pending home sales data. Adding to this, today Fed Chief J.Yellen will speak before the Joint Economic Committee of Congress on economic outlook that will hog the limelight during the NA session.
The GBP/USD pair remains positive after yesterday’s volatile session, staying close to its 2-month highs, touched this morning at 1.3430 spot. Yesterday the pair retreated to its weekly lows, marked in the vicinity of 1.3220 level, on the back of attempts of the US dollar to recover its positions across the market. However, the pair managed to bounce off its lows, as the pound received strong bullish impetus following headlines regarding Brexit negotiations progress. As it was reported yesterday, UK PM May and EU would reach a deal on the Brexit settlement amount, which is the biggest obstacle in the Brexit negotiations. However, further upside looks not so optimistic, as markets are digesting recent news, saying that N.Korea fired another ballistic missile towards Japan. These headlines exerted negative pressure on all higher-yielding assets and the pound was no exception. Today we have pretty busy session, during which the heads of both Central Banks will deliver their speeches, while the US will publish slew of important reports, which will also help the pair to form its further short-term trend.
The USD/JPY pair remains positive for the second day in a row, despite several bearish factors, which are influencing the pair at the equator of the week. Seems that the market mostly ignored news headlines, saying that North Korea launched another intercontinental ballistic missile towards Japan. Moreover, the pair payed little of attention to US dollar defensive tone, triggered by yesterday’s Fed Chair Designate Jerome Powell’s dovish remarks, who reiterated recent comments of the current Fed Chairman J.Yellen on weak inflation. The main reason of pair’s upside trend could be disappointing Japanese retail sales data, which eventually weighed the yen across the market. On the data front, today the US economy will publish preliminary GDP figures and pending home sales data, while Fed Chair J.Yellen’s testimony will take center stage during the NA session.
The cryptomarket surprises traders once again. Today Bitcoin surpassed its crucial level of 10000$ and refreshed its all-time highs at 10863.00 level. As it was previously reported, there was no clear catalyst for BTC/USD upsurge. However, markets believe that Bitcoin’s upside trend is mainly driven by increasing popularity and the entrance of institutional investors across the world. Adding to this, according to the majority, Bitcoin could reach the mark of 40000$ by the end of the next year. Currently the largest cryptocurrency is trading at 10361 spot against US counterpart, while its market capitalization increased up to the level of 178 billion USD, according to data from coinmarketcap.com.
The main events of the day:
US Prelim. GDP – 15.30 (GMT +2)
BoE Governor M.Carney’s Speech – 16.00 (GMT +2)
Fed Chair J.Yellen’s Testimony – 17.00 (GMT +2)
US Pending Home Sales – 17.00 (GMT +2)
US Crude Oil Inventories – 17.30 (GMT +2)
Support and resistance levels for the major currency pairs:
EURUSD S. 1.1770 R. 1.1956
USDJPY S. 110.63 R. 112.05
GBPUSD S. 1.3149 R. 1.3481
USDCHF S. 0.9778 R. 0.9882
AUDUSD S. 0.7570 R. 0.7632
NZDUSD S. 0.6863 R. 0.6961
USDCAD S. 1.2726 R. 1.2868
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.