Duration: 2 weeks
- working your way through lessons;
- doing practical assignments;
- discussing trading system specifics;
You Will Get:
The market is trading along an uptrend with target on 1.2035, that may be expected to continue, while market is trading above support level 1.1953. An downtrend will start as soon, as the market drops below support level 1.1923, which will be followed by a move down to support level 1.1870 and 1.1821.
Last week EU GDP increased from 2.2% to 2.3%, economy continue its recover and while we trading in uptrend above main support level 1.1977, marker is going to reach key resistance level 1.2237. However we have signs of loss of uptrend impulse, as pair dropped below 1.2060 - 1.2040 and in this case market is able to start downtrend with target to support levels 1.1923 and 1.1821 - 1.1760, if will break down main support level 1.1977. We need waiting for Thursday US "Core CPI" news to see further trend scenario.
Market is trading sideways between support 1.1908 and resistance 1.1977 waiting for todays (thursday) EU % rates and after Draghi speech, where the last will be most important. The uptrend may be expected to continue in case the market rises above resistance level 1.1977, which will be followed by reaching resistance level 1.2065, where next strong resistance we have on 1.2230. An downtrend will start as soon, as the market drops below support level 1.1908, which will be followed by a move down to support level 1.1760. An downtrend will start as soon, as the market drops below support level 1.1320fx/1.1365cme, which will be followed by a move down to support level 1.1170fx/1.1240cme.
During time of US economy recovery dollar was in downtrend (may – aug 17), where EURUSD became to very high price 1.2050. Fact of this was Draghi words about QE stop, but as we now see, here is still no reasons for this, because EU CPI do not have strong uptrend and can’t became closer to 2% target level. So Draghi missed, where same time US became much stronger (GDP increased from 0.7% to 3%). Worsens the situation with euro also that now eurusd course 1.2, that increased from 1.035, that is over 20%. EU goods became more expensive, where US more cheaper, so US now became in more profitable situation. Also technically levels 1.2 – 1.22 is very strong resistance, from that market can have confident correction to 1.14. Same time pound will be more weaken currency against dollar and can fell from current 1.29 to 1.25.