FXOpen Trader

EUR/USD Remains at Risk, USD/CHF Correcting Gains EUR/USD started a fresh decline below the 1.2000 and 1.1920 support levels. USD/CHF traded towards the 0.9375 level before correcting gains. Important Takeaways for EUR/USD and USD/CHF The Euro started a fresh drop below the 1.2000 and 1.1920 support levels against the US Dollar. There is a key bearish trend line forming with resistance near 1.1890 on the hourly chart of EUR/USD. USD/CHF followed a bullish path and it broke the 0.9300 resistance zone before correcting lower. There was a break below a connecting bullish trend line with support near 0.9295 on the hourly chart. EUR/USD Technical Analysis The Euro failed to extend gains above 1.2120 and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.2000 pivot zone to move into a bearish zone. The pair even broke the 1.1920 support level and settled below the 50 hourly simple moving average. The bears were able to push the pair below 1.1880 and a low is formed near 1.1836 on FXOpen. It is currently correcting higher and trading above 1.1850. It even tested the 23.6% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low. There is also a key bearish trend line forming with resistance near 1.1890 on the hourly chart of EUR/USD. If there is a break above the trend line resistance, the pair could correct higher towards the 1.1940 level. The next major resistance is near the 1.1975 level. It is close to the 50% Fib retracement level of the recent decline from the 1.2112 high to 1.1836 low. If there is no upside break, the pair might continue to move down below 1.1850. The next key support is near the 1.1835 level, below which EUR/USD could decline towards the 1.1800 support. Any more losses could open the doors for a move towards the 1.1750 level. Read Full on FXOpen Company Blog...

FXOpen Switches its Trading Servers to Summer Time (GMT+3) Dear traders, On March 14th, 2021 FXOpen will switch its trading servers 1 hour ahead, from GMT +2 to GMT +3. The change will affect all types of FXOpen trading accounts. Summer time will take effect starting with the market opening on Monday, March 15th 2021. In Crypto accounts, where trading is available during the weekend, traders will experience the change immediately after it occurs, on Sunday, March 14th, 2021. The changing of server time should not impact your open trades or the process of opening, placing, closing and modifying orders. However, keep this in mind when planning your trading and do not forget to adjust the time settings in your Indicators and Expert Advisors. FXOpen Company News

BTC and XRP – Bullish sentiment continues BTC/USD From last Friday when the price of Bitcoin has been traded at $46,371, we have seen an increase of 17.6% measured to its highest point today at the $54,530 level. After a minor pullback, the price back close to the levels of today’s high and is still on an upward trajectory. This upside movement is counted as the starting impulse to the upside after a correction ended on the 28th of February. The first two waves should have ended which is why now we are seeing the development of the next 3rd one. If this is the five-wave impulse the price increase should continue after the completion of this rise which is set to exceed the high on the 3rd. But there is still a possibility that it would end on the 3rd wave in which case that would mean that we have seen the 2nd sub-wave of the higher degree correctional count. In the first case, a new all-time high would be expected, while in the second the price would go above its low of February 28th which would be the first sub-wave of the higher degree descending move. The pivot point would be the pullback that is expected after the current rise ends, as it manages to stay above the $52,600 area it would validate the 4th wave. But if it continues moving down and even falls below the $50,000 area that would be a clear sign that the price of Bitcoin is headed for a lower low as the 4th wave count would be invalidated. Read Full on FXOpen Company Blog...

Decisive Week Ahead for the ECB and the Euro The first week of the month ended up with the Non-Farm Payrolls (NFP) in the United States showing a strong rebound of the US labor market. The NFP report revealed that the job market added double the number of jobs that the economists forecasted. As such, the perspective of a faster than expected recovery is not an illusion anymore but a fact. On top of that, the White House announced that the US will have a vaccine available for every adult by the end of April this year. This puts the US economy in front when it comes to the economic recovery after the pandemic, as the vaccines appear to be effective and the rest of the world lags in its vaccination efforts. Unsurprisingly, the US dollar gained across the board. The USDJPY closed the week above 108, the EURUSD pair fell to 1.19, and even the AUDUSD dropped three big figures from its 0.80 highs. While the previous week was exciting, as all NFP weeks are, the week ahead is even more interesting. The name of the game this week is what the European Central Bank (ECB) will do at its Thursday meeting. ECB in Focus This Week The euro area economies did not perform so well as the United States economy did. Just the opposite. In Europe, the COVID-19 pandemic hit the economies multiple times, with two or three pandemic waves resulting in more deaths than expected. As a consequence, most of the economies were closed for most of last year and in 2021 as well. So, when the US is thinking of the economic growth ahead, Europe barely deals with the pandemic. The European Commission failed to secure vaccines for its population, and the speed of administering the existing ones is much slower than anything we have seen in other countries (e.g., United States, United Kingdom, Israel). Like it or not, the difference will be seen in the economic performances in the period ahead, and Europe is poised to lag its rivals. More problematic for the ECB is the tightening of long-term yields in the United States. The move higher in the US yields, which are the benchmark for risk-free rates in the world, triggered a similar move in other jurisdictions – e.g., the Bund yields in Germany are on the rise too. Higher yields signal economic recovery. While in the US, higher yields are a logical market reaction to the improved economic picture and the fast vaccination rate, in Europe, higher yields bring a challenge. When yields are rising, financial conditions tighten. This is a problem for the ECB, as it does not want tightening conditions while the economy continues to underperform. Hence, Thursday’s ECB meeting is crucial for the ECB and the euro. On the one hand, the ECB must act to wind down the unwanted tightening. On the other hand, the EURUSD exchange rate keeps trading in a tight correlation with the equity markets in the United States. Should the ECB expand the asset-buying program (i.e., PEPP), the EURUSD may fall much lower than the current levels. FXOpen Blog

GBP/USD Turns Red While GBP/JPY Could Rise Further GBP/USD surged above 1.4150 before starting a fresh decline below 1.4000. GBP/JPY is rising and it remains supported for more gains above 150.50 Important Takeaways for GBP/USD and GBP/JPY The British Pound started a fresh decline below the 1.4000 support zone against the US Dollar. There was a break below a rising channel with support near 1.3925 on the hourly chart of GBP/USD. GBP/JPY climbed higher steadily above the 149.00 and 150.00 resistance levels. There is a major bullish trend line forming with support near 149.70 on the hourly chart. GBP/USD Technical Analysis This past week, the British Pound topped near the 1.4200 level against the US Dollar. The GBP/USD pair started a fresh decline and traded below many key supports near the 1.4100 level. The pair even broke the 1.4000 support level and settled below the 50 hourly simple moving average. Recently, there was a break below a rising channel with support near 1.3925 on the hourly chart of GBP/USD. The pair even spiked below the 1.3800 level. A low is formed near 1.3778 on FXOpen and the pair is currently consolidating losses. An initial resistance is near the 1.3885 level. The 23.6% Fib retracement level of the recent decline from the 1.4016 high to 1.3778 low is also near the 1.3885 level. The next major resistance is near the 1.3890 level and the 50 hourly simple moving average. The 50% Fib retracement level of the recent decline from the 1.4016 high to 1.3778 low is the next barrier near 1.3900. A close above the 1.3900 level may possibly lift the pair higher towards the 1.4000 resistance zone. If not, there is a risk of more downsides below the 1.3800 support zone. The next major support is near the 1.3740 level, below which the pair could decline towards the 1.3680 level. Read Full on FXOpen Company Blog...

Gold Price Slides Below $1,700, Oil Price Approaches $65 Gold price started a fresh decline below the $1,750 and $1,720 support levels. Crude oil price is still in a positive zone and it is approaching the $65.00 resistance. Important Takeaways for Gold and Oil Gold price started a steady decline and it even broke the $1,700 support against the US Dollar. There is a major declining channel forming with resistance near $1,715 on the hourly chart of gold. Crude oil price traded to a new multi-month high near $64.96. There was a break above a key bearish trend line with resistance near $61.50 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price struggled to stay above the $1,750 support and started a strong decline against the US Dollar. As a result, there was a break below the $1,720 and $1,715 support levels. The price even declined below the $1,700 support and settled below the 50 hourly simple moving average. It traded as low as $1,687 on FXOpen and it is currently consolidating losses. An initial resistance on the upside is near the $1,700 level. It is close to the 38.2% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. The first major resistance is near the $1,710 level. An intermediate resistance is near $1,705. It is close to the 50% Fib retracement level of the recent decline from the $1,722 swing high to $1,687 low. There is also a major declining channel forming with resistance near $1,715 on the hourly chart of gold. The trend line is close to the 50 hourly simple moving average at $1,716. A close above the trend line resistance and a follow up move above $1,720 is needed for a fresh surge. On the downside, the first major support is near the $1,688 level. The next major support is near the $1,675 level. Any more losses might call for a move towards the $1,650 support level. Read Full on FXOpen Company Blog...

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