Trading plan for 08/02/2018
February 8, 2018 9:22 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
The biggest overnight drop is being observed in NZD after the RBNZ interest rate decision and the RBNZ Governor Grant Spencer dovish comments. The Shanghai Composite Index broke successfully from the rising sentiment on the Asian stock exchanges when it dropped -1.5% mostly because of the selling of companies from the energy industry and financial institutions. On the energy market, a delicate reverse of demand is observed. Currently, the West Texas Intermediate barrel is valued at USD 61.60, or 0.2% lower than yesterday’s close.
On Thursday, February 8th, the main event of the day will be the Bank of England interest rate decision in the early afternoon, but the market participants should keep an eye on German Trade Balance data, Canadian Housing Starts data, and Continuing Claims data from the US.
The EUR/USD analysis for 08/02/2018:
In the US, the main topic was politics that effectively distracted attention from the sell-off on Wall Street. According to the latest reports, the leaders of the factions sitting in Congress reached a consensus on the increase in government spending by another USD 300 billion. The scale of introduced budget changes clearly reflects the expectations of market participants, who expected the gradual introduction of measures to minimize the budget gap. The above reports raise the reshuffle in the debt market. At present, the yield on US ten-year bonds fluctuates around the level of 2.8380%.
Let’s now take a look at the EUR/USD technical picture at the H4 time frame. the market is still moving lower towards the next important technical support at the level of 1.2212. The market conditions are now oversold, but the momentum remains below its fifty level, indicating a further drop. The nearest important resistance is seen at the level of 1.2314.
Market Snapshot: SPY reversing back to sell-off mode
The price of SPY (SP500 ETF) has touched the 50% Fibo at the level of 272.83 and reversed lower towards the level of 268.61 which was quickly broken. Currently, the price is dropping towards the next technical support at the level of 266.60 on a weak momentum.
Market Snapshot: DAX fails to break out higher
The price of German DAX Index has failed to break out above the trend line at the level of 12,645 and opened with a gap down around the level of 12,520 today. This level will now act as a support, but in a case of a further breakout, the next technical support is seen at the level of 12,414. Please notice the extremely oversold market conditions.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: