Good morning dear traders,
do you also feel the spring fever at the moment. I think everybody is feeling this way with this weather. But even the financial markets are susceptible to that. At least this seems to
me when I watch the EUR/USD chart. Did the crosspair run out of steam?
After a range of 1.3568 and 1.3599 in the morning the crosspair moved into the direction of 1.3620, whereas the course was oscillating between 1.3544 and 1.3620. Also the news from USA have been rather weak. Alltogether the chart was in a sideways range, such that I looked for other trading chances.
I took a GBPUSD trade, where I was short since 1.5434.
However, I was stopped out in GBPUSD over the night at 1.5379. Profit of the day: 68 pips.
EXPECTATIONS FOR TODAY´S TRADING DAY
What can we expect for today´s trading day?
Over the night EURUSD gained new volatility and is now in a range between 1.3600 and 1.3665.
The most important news for today:
09:00 GMT - European Currency Union - Industry production
12:30 GMT - USA - Consumer Price Index + Retail Sales (there could be some action)
14:00 GMT - USA - Speech of Fed´s Bernanke (this could also be exciting)
18:00 GMT - USA - Fed´s Beige Book (I would expect there some volatility)
Thus, for today´s afternoon there should come some fresh breeze into the market.
TRADING CHANCES FOR TODAY
I would see trading chances for long above 1.3680 with take-profit at 1.3730-1.3760 and stop-loss at 1.3645.
For short there could be some chances below 1.3585 with take-profit 1.3540-1.3500 and stop-loss 1.3630.
I keep you informed about interesting trades at CHAT-TRADING.
TRADING TIP OF THE DAY
„Also other mothers have nice daughters.
This might be maybe a strange wording,
but you can use it for your trading.
Trade and study also from time to time other
currency pairs together with economic news.
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I wish you all the best for your Forex trading and Happy Trading
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Performance April 2010: 198 pips
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