Eurusd Is In The Process Of Consolidation

Discussion in 'General Trading Discussion' started by World-Signals.com, Feb 1, 2021.

  1. World-Signals.com

    World-Signals.com Senior Investor

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    The Dollar has no power and potential to recover after the losses against the Euro in the last few months. EURUSD was trading in the range of 1.17-1.18 in September-October 2020. The Dollar lost over 450 pips against the Euro as the following recovery of 250 pips. EURUSD is trading at about and below 1.2100 but finds strong support at 1.2060-1.2070. In the next couple of days EURUSD will consolidate at the current level of 1.2100. World-Signals.com recommend to use the low levels of 1.2070 to open a long position with a target of 40-60 pips.
    The current fundamental events do not generate movements in the forex market. You can expect movements of EURUSD in the "war" between the citizens and government in Europe about hard lockdowns especially in countries like the Netherlands, United Kingdom, Denmark, France and others. If the hard lockdowns continue that may melt the rest of European economy and make the Dollar the winner. Otherwise the events in the United States are also too negative for the Dollar especially the print stamp of dollars (QE).
     
  2. Linda Smith

    Linda Smith Senior Investor

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    Broker is an important element of Forex. A broker can be the way of making profit or facing loss. So it is very important to choose the broker wisely. Low spreads, dynamic leverage, ease of trades are some features of good broker. I am also a trader. I always use TP Global FX. Because they provide me low spreads starts from 0.01 pips and maximum leverage of 1:500. They are also very much cooperative.
     

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