The EURUSD pair remains in range and moving sideways after the ECB and US GDP economic data. After an upside push, the pair bottomed at 1.1620, on Friday that is the lowest since July 19. Currently, the strong support at 1.5740 and it’s too early to predict bearish without breaking this support. If the pair maintains this support, we can expect a bullish movement targeting 1.1740.
Our Preference Entry at 1.1650 Stop Loss: 1.1570 Target: 1.1740.
EURUSD Fundamental Outlook
The European Central bank kept its planned timetable to move away from accommodative monetary policy. After this event the EURO fall sharply. The US dollar strength against all other major currency on Friday. In the comparison of the previous day, EUR fall more than 0.7 percent after the ECB declare. The yield of Treasury note of the 10-year U.S treasury also raised, its near to 6-week high point. As per the dovish tone from the ECB at its meeting subsequently, a sharp decline EUR/USD of -0.74% in one day. Overall fundamentally US dollar is enjoying potentiality. Strong US GDP reported at 4.1%. But the expectation of the bearish phase seems to be too early.
Source: cnbc.com as of 27th July 2018
Important Data Release for Next Week.
The relevant key event for the next week is FOMC and NFP that could volatile the market.
PreferForex Forex Signal Provider – Copy The Same Trade as we made MyfxBook verified trading performances
Non-farm payrolls data is the key fundamental indicator for U.S economy which is a monthly statistic representing how many people are employed in the US, in manufacturing, construction and goods companies. This term can also be known as NFP.
Non-Farm Payroll Predictions
There are several other key pieces of data involved in the non-farms release, those are
1. The unemployment rate Change
2. Average hourly earnings
3. Previous releases.
NFP Data impact on Forex Market hugely, a higher than expected reading should be taken as positive/bullish for the USD, while a lower than expected reading should be taken as negative/bearish for the USD. Lots of market analysts predict for NFP figures in advance of the actual release. In this event, the market became much volatile. As forexfactory.com the foretasted value or Non-Farm Employment Change 180K but the actual value released 156K. The weaker job report had the reaction to surge EUR.
To use the Movement during NFP we provide a Buy limit pending order that has been triggered previous day of NFP. And during NFP we got our desirable movement and got the TP.
We had shifted focus other reports related to job data.
During such key economic release market became most volatile. A trader should use leverage properly and should not take more than 2% risk and should use proper money management. To get good profit trader needs to follow a specific news trading strategy. At PreferForex we trade cautiously and we instructed our premium member before trade place. Below you will find lots of our news forex trading success.
Ahead of August Nonfarm Payroll (NFP) report today the dollar is trading with a comparatively strong. ADP survey data were also surprised that private sector added 237K whereas the expectation was 185K. The ADP data was higher then last 5 months. All other relative data showing US job sector recovering and turn into the best way.
We already have taken some position before the event and observing the market. We have made a decent profit in previous months, except in this month winging signal ratio was not high. But our last two trading signal was made excellent profit and overcome losses. Those were sent as a pending order on long USDCAD and GBPUSD.
We enter USDCAD buy position at 1.2550 expected to catch the key support at 1.2755 but as market scenario little bit change for some fundamental clue we close the trade at 1st target 1.2655 and achieved +105 PIPs.
Details USDCAD forex signal
Pending – Buy USDCAD from 1.2550 SL 1.2440TP 1.2655, 1.2755.
Another on GBPUSD enter buy position at price 1.2855 this trade still running, but secure the 1st target at 1.2930 and made +75 PIPs & rest position running for getting 1.3010
After a short term bearish retracement, ERUUSD is again moving bullish. It has broken its recent high on last Friday. There are some short term supports at 1.1890 and 1.1846 and these are the possible targeted zones of bearish corrective movement. Still, we have not found any indication of USD strength. So it is expected the pair will continue moving bullish and the next bullish target could be 1.2040 followed by 1.2247. But the bullish bias can be compromised if the pair break below the level 1.1660 and that time we need to reanalysis the market.
In this week there is an important fundamental aspects Non-Farm Payroll that will also give us clues to analyze USD strength again.
EURUSD has broken a large range and hold above it. Now we are having a retracing bearish movement. There is a support at 1.1713 that could be the target of this retracement. The next target of the bullish movement could be the level of 1.2034 which is offering a resistance.
During UK General Election the pair GBPUSD has moved strongly to the downside and broken the recent low at 1.2768. In my previous analysis the target of Bearish movement was 1.2775 followed by 1.2620 that has been published on fxstreet. My recommendation was also to short the pair with the target 1.2710 that has also been fulfilled. During the UK Election market breaks the support at 1.2768 and now it is expected the bearish movement will be continued to the second target of 1.2620. It has also a chance to go upside to retest the broken support at 1.2769 and but the break of the recent high of 1.3046 can make the scenario invalid.
Our Forex Trading Signal on GBPUSD was as follows –
Sell GBPUSD from 1.2940, SL 1.3025 TP 1.2850, 1.2760
The signal was sent on 6th June and during election on 8th June the market reach the final target and our members made total +180 PIPs from this signal.
We had also another running trade which also provides our members big profit. The Trade alert had been send on 31 May which was as follows –
Sell GBPUSD from 1.2940, SL 1.3025 TP 1.2850, 1.2760
This trade has also reached the final target during UK Election and booked + 195 PIPs profit
So Our members made total +375 PIPs on the the big event British General election. Members, Also may remember the day of US election when we traded perfectly and made big profit. Here about US election trading
Everyone who starts trading Forex wants to succeed, but unfortunately, most don’t. Here are 4 key aspects of trading that traders need to master if they’re going to become successful in FOREX trading. Obviously, lack of training and poor technique lead to poor results, but all this is relatively easy to overcome. This article is dedicated to many new traders those are increasing every day. That seems great but nevertheless, they tend to trade forex without preparation and end up destroying their accounts.
1)Selecting and implementing a good forex strategy
Every trader needs a successful strategy to find himself in Forex trading. That means finding a strategy that will suit his specific personality and lifestyle in order to make trading a lot easier. A suitable trading strategy will be compatible with his psychology, his personal characteristics, and his lifestyle. There is no reason to go against yourself by choosing a strategy that will work against you rather than for you.
So, there are 4 main groups of trading strategies that Forex traders commonly use: Scalping, Day Trading, Swing Trading and Position Trading.
Scalping and day trading are short term strategies where the trader doesn’t roll over positions overnight while swing and position trading are long term strategies where the trader almost always rolls over positions overnight. Most of trader feel secure with long term strategy.
Each of these different trading strategies has its own set of advantages and disadvantages, hence it’s best for new traders to try each of them and see which one fits them the best. One thing that works great for one trader may not work at all for another trader. It’s all about trying out and testing a lot of things to find what works best individually for you. But for all kinds of trader needs to know well forex technical analysis to understand market bias.
Having a basic knowledge, you must find an appropriate strategy to be your first work tool. That is, it will look for a method that should be tested a hundred times. This set of tests or simulations that you will perform on your method is called Backtesting.
2) Learn From Your Mistake
Einstein defined insanity as “doing the same thing over and over again and expecting different results”.
It’s critical that you as a trader learn from your mistakes and always look to change something until you find something that works well for you. Whether it’s your indicators, your trading or psychological habits it important to always strive to improve things, to be better today than you were yesterday.
So, when you make a mistake and you catch yourself doing it, don’t hate yourself and stop beating yourself up. That’s not going to help you. Instead, examine what you did wrong, think about how you can improve from there and work on achieving better results.
Make it a constructive process in which you learn from your mistakes and improve yourself, instead of a frustrating experience. Frustration will not get you anywhere.
3)Controlling Emotion while Trading.
Trading on emotions is one of the worst things a trader can do. Emotional trading is a leading cause of many blown up accounts and many losing trades. Traders can reduce emotion-induced trading mistakes by improving their “trading psychology”.
Whether it’s anger, greed or some other emotions, trading based on your feelings is not the right way to manage a trading account as it sure won’t get you far in terms of your profits. The only thing is, it’s very hard to control your emotions in the heat of the moment when you are trading.
So, what can you do to minimize acting on your emotions while trading?
One way is to create a clearly defined trading blueprint or plan that clearly states how you should act in certain situations while trading. Try to cover as many difficult situations as possible and then with a calm head write down your trading plan.
Then when those difficult situations in your trading come, you will just act as it is stated in your trading plan instead of acting on your emotions.
4)Selecting a Successful Money Management system
For trading Forex, money management or risk management is at least just as important as your trading strategy. The risk you take on every trade determines how risky your overall trading style is. It’s an absolutely crucial aspect of successful trading.
So, what are some rules you can follow to make sure you don’t blow your account?
The common advice is to never risk more than 2% of your total account balance on any single trade. So, that means that if you are going to adopt this money management strategy you will need to do some calculations. Namely, the size of your stop loss in dollar terms needs to be 2% of your total balance. For example, if your account balance is $1,000 your maximum stop loss amount should not exceed $20. Since the article is not all about money management I keep it short. You can see here more about forex money management
Of course, the lot size of each trade also greatly affects your risk and reward. For our premium forex signals subscriber, we advise taking highest 2% risk in money management guide. So you must make sure that the size of your positions fit within the 2% maximum risk per trade.
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EURUSD now is in strong bearish mode. Last week it has broken the support at 1.0525. It has also broken the low created at 2015. The Price can go lower but before further bearish some bullish retracement is expected to retest the broken support at 1.0525 followed by 1.0585.