eToro – Forex Trading Forum

[BlueinGreen]

Hi all,

Yesterday morning the dollar had the chance for a small rebound before the market pressured it higher again. The EURUSD had renewed its down trend after breaking 1.49 this morning and moving to its next support at 1.48.

the interesting thing to see is : how quick a market can move when it is trending ( compared to the opposite when it is ranging).
It is hard to believe that only in the beginning of last week EURUSD was traded at 1.5600, and a week later we are 800 pips down the hole.

I am still waiting to see a more serious rebound, or correction in price for EURUSD and AUDUSD.
I do not like straight moves (weather up or down).

The drop in commodity prices is considered to be a booster for the U.S economy, together with a continuing drop in oil price- these factors add greatly to the dollar's up move right now.


Today's main events

9:30am GBP CPI y/y Forecast 4.1% Previous 3.8%

1:30pm CAD Trade Balance Forecast 5.7B Previous 5.5B

1:30pm USD Trade Balance Forecast -61.B Previous -59.8B



Trade Balance = Difference in value between imported and exported goods and services during the reported month; A positive number indicates that more goods and services were exported than imported;

Export demand and currency demand are directly linked because foreigners must buy the domestic currency to pay for the nation's exports. Export demand also impacts production and prices at domestic manufacturers;

Happy Trading

[jensen7]

I like what you said about the 70 pips and the 1.49 moving higher. That was a huge drop and the Euro will probably correct itself more. Thanks for your insight.