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17 01 12:01
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Daily economic digest from Forex.ee

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The EUR/USD pair followed today a broad market trend and refreshed its 3-year highs at 1.2323 spot during the Asian session. However, the pair failed to keep its positive trend and retreated for more than a cent to the region of 1.2200, as the US dollar does not give up on attempts to recover its positions against its major rivals. Moreover, today the market digests negative news from German political field, where leaders of key parties failed to form a ruling coalition that in turn weighed the common currency across the market. Moreover, downside correction of the pair could be additionally explained by recalibration of positions ahead of the important EU inflation report, which will be able to bring notable impetus to the pair during the European trading session. Besides the EU CPI data, nothing important is scheduled in the data calendar for today, so only the US dollar price dynamics will help the pair to form its trajectory during the NA session.

 

The GBP/USD pair again refreshed its post-Brexit vote highs in Asia at 1.3836 spot, as offered tone of the US dollar is still gripping the market. However, bullish tone of pair didn’t last long, and the pair dropped below the level of 1.38, after facing resistance at its recent tops, as US bulls are still fighting for the control over the market. Moreover, ongoing uncertainty around Brexit, additionally underpinned by recent comments of the EU Council President Donald Tusk, who stressed that the hardest part of Brexit talks lie ahead, also negatively affects the pair. Looking ahead, today we will have pretty quiet session, as economic calendar won’t offer us anything important, so US dollar dynamics will remain as a key driving factor for the pair this Wednesday.

 

The USD/CAD pair extends its correction from its weekly lows, marked just a few pips below the level of 1.2400, on the back of several supportive factors. The main bullish factor for the pair remains continuing attempts of the US dollar to recover its position across the market after its significant drawdown. Moreover, ongoing retreat of oil prices from its multiyear highs, marked earlier this week, exerts negative pressure on the commodity-linked loonie that in turn provides additional support to the pair at the equator of this week. However, today all investors’ attention will remain glued to the BoC meeting, where it is expected that the regulator will increase interest rate by 25 bpts. This monetary policy tightening move became possible due to recent impressive results from Canada’s labor market. Besides the BoC interest rate decision, nothing important is scheduled in the data calendar for today, as the US will bring us only secondary data reports during the NA session.

 

The USD/JPY pair once again refreshed its 4-month lows at 110.19 during Asia, as weakness of the US dollar is still dominating the market. Yesterday the pair received another bearish impetus and lost the major part of recovered points in wake of renewed sell-off of the US dollar. Markets believe that ongoing weakness of the greenback could be attributed to the new trend, based on speculations regarding potential convergence between monetary policies of the Fed and other major central banks. However, it seems that US bulls are still not ready to give up, having made another attempt to revive the greenback during Asian trades. Today the pair will witness another calm session, as the US data calendar will offer us only secondary data reports during this session, leaving the pair at the mercy of the US dollar price dynamics.

 

Major events of the day:

EU CPI – 12.00 (GMT +2)

BoC Interest Rate Decision – 17.00 (GMT +2)

 

Support and resistance levels for the major currency pairs:

EURUSD               S. 1.2157 R. 1.2335

USDJPY                 S. 109.82 R. 111.30

GBPUSD               S. 1.3714 R. 1.3842

USDCHF               S. 0.9528 R. 0.9698

AUDUSD              S. 0.7919 R. 0.7995

NZDUSD               S. 0.7229 R. 0.7325

USDCAD               S. 1.2372 R. 1.2484

 

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OCTL2P Installation and Activation Print

One Click Trading Level2 Plugin

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.

Installation and activation

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.

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Read the license agreement, select the check box I accept the agreement and click Next to proceed.

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Indicate directory where you previously installed MetaTrader 4. To start the installation click Install.

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When the installation process is finished, the Next button will be activated.

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Click Finish to close the installation dialog box. Activate Launch MT terminal option if you want MT4 launched after you click Finish.

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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.

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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.

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If the EA is activated successfully, a smiley will be seen in the top right corner of the chart.

MT4 Installation Print

Trading platform MetaTrader 4

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.

System requirements: Microsoft® Windows® XP or later.

Installation

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.

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Read the license agreement, select the check box Yes, I agree with all terms of this license agreement and click Next to proceed.

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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.

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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.

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