After its abyssmal performance on Monday, the euro got a small break on Tuesday when the ECB said that the euro’s high exchange rate still isn’t a concern right now. The euro also got some support from the better-than-expected Spanish and Italian Services PMIs.
No thanks to the ECB Interest Rate Decision, EUR/USD was sold-off heavily yesterday. It took a major hit and fell to its lowest in almost 2 weeks. Hope you were able to catch the break out from the consolidation!
Here’s the one for February 6. Sorry for the late upload, homes! Anyway, this was when the euro fell following calls for Spanish Prime Minister Rajoy to resign after he allegedly received illegal payments.
Without any major economic data on tap, EUR/USD continued to trade lower. In this homie’s opinion, the effect of ECB President Draghi’s dovish remarks from Thursday’s rate decision might have lingered in the market.
Due to the absence of market-moving data, EUR/USD mostly traded sideways with a slight upside bias yesterday. It found support at the WO and resistance just below the PDH.
There were two or three possible trades. The first one was a long trade at the WO as price made a doji. Then, you could’ve shorted twice at the 1.3400 level and scalped a some pips.
The Asian trading session yesterday proved to be a slow one as it lacked market-moving events. As a result, EUR/USD mainly traded within a relatively tight horizontal range. During the EU session, the pair found some legs as the G7 statement that was released said that monetary policy wasn’t targeting exchange rates. The pair broke up and moved higher.
Only clear trade for me was the pullback to the intraday 50% Fib. Would’ve been a nice day trade.
EUR/USD finished the day unchanged without any market-moving report for the pair. The rally it staged during the London session was soon pared in the New York session.
Ouch! The euro got whipped in yesterday’s trading no thanks to worse-than-expected GDP reports from the euro zone.
EUR/USD moved in two distinct waves during the day. At first, the pair sold-off due to the “currency war” scare. Traders were concerned that major central banks would start weakening their respective currencies to keep their trade sectors healthy. During the U.S. session, the pair managed to pare its losses as a statement from the G20 summit assured that a currency war would not happen.
EUR/USD consolidated for the most part of the day due to the lack of market liquidity. U.S. traders were out on holiday as they celebrated Presidents’ day.
There was SOME movement though. For instance, the ZEW Economic Survey came in better than expected and led to a small spike in EUR/USD. During the afternoon NY session, the pair broke out to the upside and made a new weekly high.
Not much action on EUR/USD last Monday. We did see the pair spike up on the euro zone’s current account report.
looking forward for a good explanation about the big move today, I wasn’t at my computer when it happened.
Cheers
I think sell of will remain in progress and 1.3000 eyed
EUR/USD began the day in consolidation mode. But during the London session, due to the disappointing euro zone manufacturing and services PMIs, EUR/USD was sold-off heavily. It had dropped below the 1.3200 level before it found support. There was a valid trade at the PDL. Price broke through the level, revisited it, and then fell again.
EUR/USD finished the day lower following a combination of bad news from the euro zone. Aside from growth outlooks on certain EZ economies getting downgraded, it was also reported that LTRO repayments also came in lower than expeted.
The day started out with very slow. Although it was ticking higher, the movement was choppy. During the U.S. afternoon session, however, the pair burst into life. Due to the possibility of a hung parliament in Italy, risk aversion returned to the markets and resulted in a massive euro sell-off.
hallow bigpippin
for example if we are using couwabunga system on our mt4, then our broker will come to know about the indicators that we use?
does he can look at our indicators that we r having on our charts? i dont think so…what do you say? please answer to me…
I don’t think any broker will ever have time for this, a non dealing desk broker definitely won’t;
I saw once a screen of a broker that was looking at my account, he sees only closed transactions;
Cheers
eliscuadrian is correct. The Cowabunga system also uses the indicators that are already present in MT4.