Hello Traders. The weekend is upon us and I hope you get some well deserved rest. We have a great amount of weekend reading coming out so make sure to sign up for our feed so that you can read the posts at your leisure.
The market had many large price moves during news announcements which could be wildly profitable if the trader had the discipline to be on the right side of the trades. One of the most volatile pairs this week was the Gbp/Jpy and we had several days with over 100 pip daily ranges.
The Eur/Usd is more steady and a good pair for new traders because the high volume. The Eur/Usd is the most traded pair in the world. This week we have been in a range in this pair. The lows are at 1.3450 and the resistance is at 1.3700. Currently the pair ended Friday higher testing the 1.3700 level and there is also major resistance at 1.3800
If the price drops below the 1.3450 look for the price to move to 1.3200
4hr Chart *note click on the chart to learn about our premium trading service.
One other key note is that this morning there was a rumor that was released on twitter via traders. The rumor was that the GBP News announcement was going to be better than expected and the GBP rose on the rumor and when the news came out the rumor was right on and the news came out better than expected and the pair dropped hard on the actual news release.
I have mentioned this before and now I am seeing the value of Twitter to be used by Forex traders. Here is an article that I posted that has a great list of traders to follow.
There is another Eur/Usd analysis available at The Geek Knows, who provides a report along with valuable correlation information.
Read Forex Crunch to stay updated with important news information that will impact the currencies during the upcoming week.
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