Looking at the daily chart, the price high today was able to get above the 61.8% and the high from October 2017 at 0.7886-96. The high reached 0.7904. The failure may be enough to take the wind out of the bulls sales, at least for a trade.
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Looking at the daily chart, the price high today was able to get above the 61.8% and the high from October 2017 at 0.7886-96. The high reached 0.7904. The failure may be enough to take the wind out of the bulls sales, at least for a trade.
Drilling to the 5-minute chart below, the 50% of the day's trading range comes in at 0.7874 (see chart below). That is also where the 100 bar MA on the chart comes in (blue line). We are testing that now. Do the sellers lean intraday right now? It is a sell area for bears. A move above has the 200 bar as a stop/risk.
LONDON, Jan 12 (Reuters) - The euro surged above $1.21 to a three-year high Friday on bets the European Central Bank is getting ready to wind down its huge monetary stimulus, and after German Chancellor Angela Merkel reached a deal that should lead to the formation of a “grand coalition” government.
The single currency had already rallied on Thursday, after ECB policymakers said in minutes of the bank’s December meeting that they could revisit their communication stance in early 2018.
It added to those gains on Friday, rising 0.8 percent to as high as $1.2137, its strongest since Dec. 31, 2014, after Merkel’s conservatives and the Social Democrats agreed to a blueprint for formal coalition negotiations, raising prospects of an end to months of political uncertainty in Europe’s biggest economy.
“Clearly a grand coalition is more euro-friendly than the three-party government that was under discussion right after the election, but that was already clear so I don’t see any new developments there,” said Commerzbank currency strategist Esther Reichelt, in Frankfurt.
“The dominant factor for the euro is the ECB,” she added.
The euro was on track for a more than 1.5 percent rise since Thursday - its strongest two-day performance since August.
“The sooner the market realises that the end of ECB tapering is coming, it will start asking itself what the next step is, and that’s ECB rate hikes. That’s not priced in yet,” said ING currency strategist Petr Krpata in London. The bank sees the euro at $1.30 by the end of the year.
Hedge funds kicked off 2018 with their biggest bet ever on the euro rising, data showed last week.
Hit by the strong euro, the dollar index - which measures the U.S. currency against a basket of six major rivals - slipped 0.6 percent to its weakest in four months, at 91.308.
The dollar was also pressured by data on Thursday that showed U.S. producer prices fell for the first time in nearly 1-1/2 years in December, which could temper expectations that inflation will accelerate in 2018.
Against the yen, the dollar hit a six-week low of 111.00 yen .
It was still down a steep 1.7 percent for the week, with the Japanese currency having soared as a routine operational reduction in bond purchases by the Bank of Japan triggered speculation that the central bank would unwind its massive stimulus.
“Yen short positions had been building, and investors seem to be looking for opportunities to trim them,” said Yutaka Miura, a senior technical analyst at Mizuho Securities.
please don't rely your luck to gain money in forex trading. you know that luck factor can't help you to earn money here. luck factor only give fail for you. need more learn, more practice and hard work to make you keep stay and earn consistent money in forex business
yes but there are less opportunity of luck market is not working on luck it is based on your experience if you have knowledge and experience they will be most good for us then the luck