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  • EUR/USD Forecast – Euro Turned Bearish Below 1.1725 Vs US Dollar

    EUR/USD Forecast – Euro Turned Bearish Below 1.1725 Vs US Dollar

    • – The Euro started a downside move and broke a major support at 1.1725 against the US Dollar.
    • – There is a key bearish trend line in place with resistance at 1.1710 on the hourly chart of EUR/USD.
    • – Recently in the US, the Durable Goods Orders report for August 2018 was released by the US Census Bureau.
    • – The outcome was above the market forecast of 2.0% as there was a rise in orders by 4.5%.

    US Durable Goods Orders

    Recently in the US, the Durable Goods Orders report for August 2018 was released by the US Census Bureau. The market was looking for an increase of 2.0% in orders in August 2018.

     

    The actual result was above the market forecast of 2.0% as there was a rise in orders by 4.5%. Looking at the Durable Goods Orders ex transportation, there was a rise of 0.1% in orders, less than the forecast of +0.5%.

     

    The EUR/USD pair traded towards the 1.1640 support area and it is currently correcting higher towards the 1.1660 resistance area.

     

    EUR/USD Technical Analysis

    The Euro failed to move above the 1.1800 resistance area against the US Dollar. The EUR/USD pair started a downside move, broke the 1.1780 and 1.1750 support levels, and settled below the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar Chart

     

    The pair even broke the 1.1725 and 1.1700 support levels and traded towards 1.1640. A low was formed at 1.1632 and the pair is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last decline from the 1.1756 high to 1.1632 low.

     

    Above 1.1660, there are many hurdles near the 1.1700 level. There is also a key bearish trend line in place with resistance at 1.1710 on the hourly chart of EUR/USD. An intermediate resistance is 1.1694 and the 50% Fib retracement level of the last decline from the 1.1756 high to 1.1632 low.

     

    Therefore, if the pair corrects higher from the current levels, it is likely to face a strong selling interest near the 1.1700 handle. On the downside, a break below the recent low could push EUR/USD towards the 1.1600 level in the near term.

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  • EUR/USD Forecast – Euro Remains Supported On Dips Vs US Dollar

    EUR/USD Forecast – Euro Remains Supported On Dips Vs US Dollar

    • – The Euro jumped higher recently and broke the 1.1640 and 1.1650 resistances against the US Dollar.
    • – There is a major bullish trend line in place with support at 1.1650 on the hourly chart of EUR/USD.
    • – Recently in the US, the Initial Jobless Claims report for the week ending Sep 8, 2018 was released by the US Department of Labor.
    • – The outcome was above the market forecast of 210K as there was a decline in claims to 204K.

    US Initial Jobless Claims

    Recently in the US, the Initial Jobless Claims report for the week ending Sep 8, 2018 was released by the US Department of Labor. The market was looking for a minor rise from the last reading of 203K to 210K.

     

    The actual result was above the market forecast of 210K as there was a decline in claims to 204K. However, the last reading was revised up from 203K to 205K. The report added that:

     

    The advance number for seasonally adjusted insured unemployment during the week ending September 1 was 1,696,000, a decrease of 15,000 from the previous week’s revised level.

     

    The EUR/USD pair remained in a nice uptrend and it recently cleared a couple of hurdles near 1.1650 to move into a bullish zone.

     

    EUR/USD Technical Analysis

    The Euro formed a solid support near the 1.1560 level and started a nice upward move against the US Dollar. The EUR/USD pair climbed higher, broke the 1.1620 and 1.1650 resistances, and also settled above the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    The upside move was strong as the pair even broke the 1.1680 resistance and traded as high as 1.1700. At the moment, the pair is consolidating gains above the 1.1680 level. An initial support is near the 23.6% Fib retracement level of the last wave from the 1.1606 low to 1.1700 high.

     

    Below the 1.1675-80 support area, the next major support is near the 1.1650 zone, which was a resistance earlier. The 50% Fib retracement level of the last wave from the 1.1606 low to 1.1700 high is also around 1.1654.

     

    Therefore, any dips from the current levels towards the 1.1650 level are likely to find a strong buying interest. On the upside, a break above 1.1700 could push EUR/USD towards 1.1740.

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  • EUR/USD Forecast – Euro Is Near Make or Break Levels Vs US Dollar

    EUR/USD Forecast – Euro Is Near Make or Break Levels Vs US Dollar

    • – The Euro recovered recently and moved above the 1.1600 resistance against the US Dollar.
    • – There are two major bearish trend lines formed with resistance at 1.1650 on the hourly chart of EUR/USD.
    • – Recently in the US, the Services Purchasing Managers Index (PMI) for August 2018 was released by Markit Economics.
    • – The outcome was below the market forecast of 55.2 as there was a decline in the PMI from 55.2 to 54.8.

    US Services PMI

    Recently in the US, the Services Purchasing Managers Index (PMI) for August 2018 was released by Markit Economics. The market was looking for no change in the PMI from 55.2 in August 2018.

     

    The actual result was below the market forecast of 55.2 as there was a decline in the PMI from 55.2 to 54.8. Moreover, both output and new business expand at softer rates in August 2018. The report added that:

     

    The latest survey data signalled a weaker rise in business activity across the U.S. service sector. Output growth softened to a four-month low and dipped below the long-run series trend. The rate of new business growth softened to an eight-month low, despite remaining strong overall.

     

    The EUR/USD pair is currently placed nicely above the 1.1600 support, but it is facing a tough resistance near the 1.1650 zone.

     

    EUR/USD Technical Analysis

    The Euro found a decent support near the 1.1540 level and recovered against the US Dollar. The EUR/USD pair traded above the 1.1580 and 1.1600 resistance levels plus settled above the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    However, the upside move was capped by the 1.1650-60 resistance area. Moreover, there are two major bearish trend lines formed with resistance at 1.1650 on the hourly chart of EUR/USD. The pair corrected lower and traded below the 1.1630 level.

     

    There was also a break below the 23.6% Fib retracement level of the last wave from the 1.1542 low to 1.1658 high. However, the pair is finding bids near the 1.1600 level and the 100 hourly SMA.

     

    Additionally, the 50% Fib retracement level of the last wave from the 1.1542 low to 1.1658 high is also at 1.1600. Therefore, the 1.1600 support could play a major role in the near term. Overall, it seems like the pair is preparing for the next move either above 1.1650 or below 1.1600. Above 1.1650, it could test 1.1700 or below 1.1600, it may test 1.1550.

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  • EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

    EUR/JPY Forecast – Euro At Risk of More Declines Vs Japanese Yen

    • – The Euro declined recently and broke the 129.40 support area against the Japanese Yen.
    • – There is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY.
    • – Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan.
    • – The outcome was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9% (YoY).

     

    Japan’s Monetary Base

    Today in Japan, the Monetary Base report for August 2018 was released by the Bank of Japan. The market was looking for a rise in the Monetary Base by around 6.3% in August 2018 compared with the same month a year ago.

     

    However, the actual result was above the market forecast of 6.3% as there was a rise in the Monetary Base by 6.9%. However, August’s reading was below the last increase of 7%.

     

    The EUR/JPY pair recently found support near the 128.50 level and it is currently correcting higher towards the 129.00 resistance.

     

    EUR/JPY Technical Analysis

    The Euro topped below the 131.00 level recently against the Japanese Yen. The EUR/JPY pair traded as high as 130.86 and later started a downside move. The pair declined, broke the 129.80 and 129.40 support levels, and finally settled below the 100 hourly simple moving average.

     

    EUR/JPY Technical Analysis Euro Japanese Yen

     

    The pair even broke the 128.80 support area and traded as low as 128.55. Later, the pair corrected higher and tested the 23.6% Fib retracement level of the last drop from the 130.86 high to 128.55 low. However, buyers struggled to clear the 129.00 resistance zone.

     

    More importantly, there is a major bearish trend line formed with resistance at 129.00 on the hourly chart of EUR/JPY. A break above the trend line resistance could open the doors for a larger correction towards the 129.80 resistance and the 50% Fib retracement level of the last drop from the 130.86 high to 128.55 low.

     

    On the other hand, if the pair fails to move above the 129.00 resistance, it could resume its decline. A break below the recent low of 128.55 may perhaps push the pair towards the 128.00 handle.

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  • EUR/USD Forecast – Euro Could Correct lower Toward 1.1600 Vs US Dollar

    EUR/USD Forecast – Euro Could Correct lower Toward 1.1600 Vs US Dollar

    • – The Euro traded above the 1.1730 level before correcting lower against the US Dollar.
    • – There was a break below an important bullish trend line with support at 1.1688 on the hourly chart of EUR/USD.
    • – Recently in the US, the Initial Jobless Claims figure for the week ending August 25, 2018 was released by the US Department of Labor.
    • – The outcome was better than the forecast of 214K as the initial jobless claims came in at 213K.

    US Initial Jobless Claims

    Recently in the US, the Initial Jobless Claims figure for the week ending August 25, 2018 was released by the US Department of Labor. The market was looking for a rise in claims from the last reading of 210K to 214K.

     

    The actual result was better than the forecast of 214K as the initial jobless claims increased from the last reading of 210K to 213K, 1K less than the forecast. The report added that:

     

    The advance number for seasonally adjusted insured unemployment during the week ending August 18 was 1,708,000, a decrease of 20,000 from the previous week’s revised level. The previous week’s level was revised up 1,000 from 1,727,000 to 1,728,000.

     

    The EUR/USD pair started a downside correction below the 1.1700 level and it seems like the pair could extend the current correction towards the 1.1620 and 1.1600 levels.

     

    EUR/USD Technical Analysis

    The Euro traded higher this week and moved above the 1.1680 resistance area against the US Dollar. The EUR/USD pair even traded above the 1.1700 level and traded as high as 1.1733 before facing sellers.

     

    EUR/USD Technical Analysis Euro Dollar

     

    The pair started a downside correction and declined below the 1.1700 level. There was also a break below the 1.1680 level and the 100 hourly simple moving average. Moreover, the pair declined below the 50% Fib retracement level of the last wave from the 1.1594 low to 1.1733 high.

     

    Additionally, there was a break below an important bullish trend line with support at 1.1688 on the hourly chart of EUR/USD. The pair tested the 1.1650 support and the 61.8% Fib retracement level of the last wave from the 1.1594 low to 1.1733 high.

     

    It is currently consolidating losses and is facing sellers near the 1.1680 level and the 100 hourly SMA. It seems like the pair may continue to decline towards the 1.1600-1.1620 area as long as it is below the 1.1680 resistance.

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  • EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    EUR/GBP Forecast – Euro Remains in Uptrend Above 0.8945 Vs British Pound

    • – The Euro started a nice upside move after trading as low as 0.8900 against the British Pound.
    • – There is a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair.
    • – Recently in the UK, the Rightmove House Price Index for August 2018 was released.
    • – The outcome was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3% (MoM).

     

    UK’s Rightmove House Price Index

    Recently in the UK, the Rightmove House Price Index for August 2018 was released. The market was positioned for a decline of around 1.2% in the index in August 2018 compared with the previous month.

     

    The actual result was below the forecast of -1.2% as the Rightmove House Price Index declined 2.3%.  Looking at the yearly change, there was a rise of 1.1% in August 2018, less than the last increase of 1.4%.

     

    The EUR/GBP pair is currently placed nicely above the 0.8940-50 support area and it could continue to move higher in the short term.

     

    EUR/GBP Technical Analysis

    The Euro consolidated near the 0.8900 level for some time and formed a base for an upside move against the British Pound. The EUR/GBP pair started an upside move and broke the 0.8920 and 0.8940 resistance levels to settle above the 100 hourly simple moving average.

     

    EUR/GBP Technical Analysis Euro British Pound

     

    The pair even broke the 0.8960 level and traded as high as 0.8977. Later, there was a downside correction below the 0.8970 level. The pair is currently testing the 23.6% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    On the downside, there are several supports near the 0.8950 level. There is also a key ascending channel in place with support at 0.8955 on the hourly chart of the EUR/GBP pair. The channel support is close to the 50% Fib retracement level of the last wave from the 0.8933 low to 0.8977 high.

     

    Therefore, if the pair corrects lower further towards the 0.8950 and 0.8945 levels, it is likely to find supports. On the upside, the pair has to break the 0.8975-80 zone for more gains above the 0.9000 level in the near term.

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  • EUR/USD Forecast – Euro Is Likely To Recover Above 1.1420 Vs US Dollar

    EUR/USD Forecast – Euro Is Likely To Recover Above 1.1420 Vs US Dollar

    • – The Euro recovered slightly after trading towards the 1.1300 level against the US Dollar.
    • – There is a short-term breakout pattern forming with resistance near 1.1405 on the hourly chart of EUR/USD.
    • – Recently in the US, the Housing Starts figure for July 2018 was released by the US Census Bureau, at the Department of Commerce.
    • – The outcome was below the forecast of 1.260M as the Housing Starts came in at 1.168M (MoM).

    US Housing Starts

    Recently in the US, the Housing Starts figure for July 2018 was released by the US Census Bureau, at the Department of Commerce. The market was looking for a change from the last reading of 1.173M to 1.260M compared with the previous month.

     

    The actual result was below the forecast of 1.260M as the Housing Starts came in at 1.168M. Moreover, the last reading was revised to 1.158M. Looking the Building Permits, there was a rise from the last revised reading of 1.292M to 1.311M.

     

    The EUR/USD pair started a decent recovery recently and it managed to move above the 1.1340 and 1.1350 resistance levels.

     

    EUR/USD Technical Analysis

    The Euro declined heavily during the past few days and traded below the 1.1450 support area against the US Dollar. The EUR/USD pair even traded below the 1.1380 and 1.1350 support levels to challenge the 1.1300 support.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    The pair traded as low as 1.1300 and later started an upside correction. It gained traction and moved above the 1.1350 resistance and the 100 hourly simple moving average. However, it found resistance near 1.1400 and later dropped below the 38.2% Fib retracement level of the last wave from the 1.1300 low to 1.1408 high.

     

    However, downsides were protected by the 1.1350 support and the 50% Fib retracement level of the last wave from the 1.1300 low to 1.1408 high. At the moment, it seems like there is a short-term breakout pattern forming with resistance near 1.1405 on the hourly chart of EUR/USD.

     

    The pair is likely to gain momentum above 1.1400 for more gains in the near term. On the flip side, a downside break below 1.1350 could push the pair back in a bearish zone.

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  • EUR/USD Forecast – Euro Remains At Risk of More Declines Vs US Dollar

    EUR/USD Forecast – Euro Remains At Risk of More Declines Vs US Dollar

    • – The Euro failed to move past the 1.1615-20 resistance and declined against the US Dollar.
    • – There was a break below a major bullish trend line with support at 1.1602 on the hourly chart of EUR/USD.
    • – Recently in the US, the Producer Price Index for July 2018 was released by the Bureau of Labor statistics, Department of Labor.
    • – The outcome was below the forecast of +0.2% as there was no change in the PPI in July 2018 (MoM).

    US Producer Price Index

    Recently in the US, the Producer Price Index for July 2018 was released by the Bureau of Labor statistics, Department of Labor. The market was looking for a rise of 0.2% in the PPI in July 2018 compared with the previous month.

     

    The actual result was below the forecast of +0.2 as there was no change in the PPI in July 2018. Looking at the yearly change, there was a rise of 3.3% in the PPI, which was less than the forecast of +3.4% and also below the last +3.4%.

     

    The EUR/USD pair started a minor upside move after trading as low as 1.1515, but it is likely to face many hurdles on the upside.

     

    EUR/USD Technical Analysis

    The Euro faced a lot of sellers near the 1.1615-20 resistance against the US Dollar. The EUR/USD pair started declining and broke many support levels such as 1.1600, 1.1580 and 1.1540 to settle below the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    During the decline, there was a break below a major bullish trend line with support at 1.1602 on the hourly chart of EUR/USD. The pair traded as low as 1.1515 and it is currently correcting higher towards the 23.6% Fib retracement level of the last drop from the 1.1618 high to 1.1515 low.

     

    On the upside, there are many resistances near the 1.1555 level. There is also a bearish trend line in place near 1.1552, which coincides with the 50% Fib retracement level of the last drop from the 1.1618 high to 1.1515 low.

     

    Therefore, if the pair corrects higher, it is likely to face sellers near the 1.1540 and 1.1550 levels. On the downside, the 1.1520 and 1.1515 are supports, below which, the price could test the 1.1500 level.

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  • EUR/USD Forecast – Euro Tumbles Below Key Support Vs US Dollar

    EUR/USD Forecast – Euro Tumbles Below Key Support Vs US Dollar

    • – The Euro fell sharply and broke a key support near the 1.1630 level against the US Dollar.
    • – There is a crucial bearish trend line formed with resistance at 1.1615 on the hourly chart of EUR/USD.
    • – Recently in the US, the Factory orders report for June 2018 was released by the US Census Bureau.
    • – The outcome was in line with the forecast as there was a rise of 0.7% in orders in June 2018 (MoM).

    US Factory Orders

    Recently in the US, the Factory orders report for June 2018 was released by the US Census Bureau. The market was looking for a rise of 0.7% in the factory orders in June 2018 compared with the previous month.

     

    The actual result was in line with the forecast as there was a rise of 0.7% in orders in June 2018. However, the 0.7% rise was a lot more than the last increase of 0.4%.

     

    The EUR/USD pair is under pressure below 1.1630 and 1.1615, and today’s US NFP report could trigger more losses in the near term.

     

    EUR/USD Technical Analysis

    The Euro failed to hold gains above the 1.1720 level against the US Dollar. The EUR/USD pair started a major downside move, broke the 1.1700, 1.1650 and 1.1630 support levels, and settled below the 100 hourly simple moving average.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    The decline was such that the pair even broke the 1.1600 support and traded as low as 1.1581. It is currently consolidating with an initial resistance near the 23.6% Fib retracement level of the last decline from the 1.1667 high to 1.1581 low.

     

    There is also a crucial bearish trend line formed with resistance at 1.1615 on the hourly chart of EUR/USD. The trend line coincides with the 38.2% Fib retracement level of the last decline from the 1.1667 high to 1.1581 low.

     

    A break and close above the 1.1615 is needed for a larger upward correction toward 1.1630 and 1.1640 in the near term. On the other hand, 1.1580 is an initial support. Below this, the pair is likely to accelerate declines towards the 1.1550 level.

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  • EUR/USD Forecast – Euro At Risk of More Declines Vs US Dollar

    EUR/USD Forecast – Euro At Risk of More Declines Vs US Dollar

    • – The Euro declined recently and broke the 1.1675 support area against the US Dollar.
    • – There was a break below a major bullish trend line with support at 1.1685 on the hourly chart of EUR/USD.
    • – Recently in the US, the Goods Trade Balance for June 2018 was released by the US Bureau of Economic Analysis.
    • – The outcome was below the market forecast of $-67.00B as there was a trade deficit of $-68.33B.

    US Goods Trade Balance

    Recently in the US, the Goods Trade Balance for June 2018 was released by the US Bureau of Economic Analysis. The market was looking for a trade deficit of around $-67.00B compared with the last deficit of $-64.85B.

     

    The actual result was below the market forecast of $-67.00B as there was a trade deficit of $-68.33B, up $3.6 billion from $64.8 billion in May. The report added:

     

    Exports of goods for June were $141.9 billion, $2.2 billion less than May exports. Imports of goods for June were $210.3 billion, $1.3 billion more than May imports.

     

    The EUR/USD pair found support near the 1.1640 level recently and is currently correcting towards the 1.1675 and 1.1690 resistance levels.

     

    EUR/USD Technical Analysis

    The Euro was in a decent uptrend from the 1.1580 swing low against the US Dollar. The EUR/USD pair traded above the 1.1700 resistance level, but it faced a strong resistance near the 1.1740-50 resistance zone.

     

    EUR/USD Technical Analysis Euro US Dollar

     

    As a result, the pair declined and broke the 1.1700 and 1.1675 support levels. Moreover, there was a break below a major bullish trend line with support at 1.1685 on the hourly chart of EUR/USD. There was also a close below 1.1675 and the 100 hourly SMA. It tested the 1.1640 support area where buyers emerged.

     

    At the moment, the pair is correcting higher towards the 23.6% Fib retracement level of the last decline from the 1.1743 high to 1.1637 low. However, there are many resistances on the upside near the 1.1680 level.

     

    Furthermore, there is a bearish trend line with resistance near 1.1690, which coincides with the 50% Fib retracement level of the last decline from the 1.1743 high to 1.1637 low. Therefore, upsides are likely to be capped by the 1.1680-90 resistance zone. On the downside, below 1.1640, the pair could test the 1.1600 level.

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