Can anyone give insight to the action of the EU on open? I want to know if there are any indications of where a pair will head once a new candle is born.
Thanks for any of your ideas guys.
-Jordan
The EU and what other pair?
For instance the EUR/USD currency pair has been ranging from about 1.41 to 1.38 since around June 9th. This transition has taken about 1.5 to 2 days to occur. And as always, there are a number of reports coming out about the EUR this coming week. You can read them at forexfactory (dot) com. That is if you are interested about the fundamental analysis side of the house.
If you want to do some rudimentary backtesting type of fundamental analysis on your own, open a 1hr and 4hr chart, go to forexfactory (dot) com. Find the day that a report(s) came out and see the affect that these reports had on the pair you are looking at, on the day that the report came out.
As for the patterns you can learn them at fxwords (dot) com under the heading
Japanese Candlestick Charting Explained.
As for the advice you can check out the home page of babypips.com for more information. Also under the “Analyst Arena” in the forums section is a good place to start.
However, it is your money, you may want to do the leg work yourself and study the charts for the TA, and read the reports to do the Fundamental Analysis on your own to verify what others are saying.
I am also a newbie so take this with a grain of salt. Senior Members can better explain.
Forex Economic Calendar
This is an economical calendar from ac-markets site, it has every economical event that can affect the forex market, it tells you which country it belongs to and what it is about, it will help you a lot, believe me.