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Trading plan for EUR/USD and GBP/USD on January 19

It can be noted that there is nothing on the macroeconomic calendar for two consecutive days. We are witnessing a clear stagnation, which is apparently due to a holiday yesterday in the US. However, this does not clear up what is happening in the pound, which was declining quite noticeably yesterday. Moreover, today's trading opened with a rebound and a return to the values from which it began the trading week. There is also growth in the single European currency, but this movement's scale is simply absurd. All of this is because of tension and anxious anticipation. The market is waiting for tomorrow's inflation data in Europe, which may clarify what to expect from the result of the European Central Bank's board meeting on Thursday. This is precisely the reason for the uncertain upward trend of European currencies.

The market usually goes in the opposite direction when anticipating significant news. Thus, if European currencies are showing slight growth, then investors clearly expect extremely negative news. Another thing is that everyone is even more afraid to take risks, so the scale of movements is extremely small. In addition, investors are clearly worried that the forecasts for Europe's inflation will become a reality, which means that the ECB's further steps to ease monetary policy can be expected. The starting point will be tomorrow's consumer price data, which could show that deflation in Europe has been dragging for five consecutive months. In this case, the price's rate of decline may remain unchanged for four months in a row. In general, the forecasts are disappointing, and there is too much at stake. This is what fears the markets.


The EUR/USD pair, after correcting from the high of 1.2349, reached the level of 1.2053, from which a stop occurred and resulted in a pullback of around 45 points. We can assume that the quote will remain in the correction low, forming a variable amplitude within the limits of 1.2055/1.2105.


The GBP/USD pair, showing active downward interest, found a pivot point in the area of 1.3519 on Friday and Monday morning, where there was a slowdown and a pullback. We can assume that the coordinates of 1.3620 will prevent the pullback from happening again, which may lead to a stop, and then followed by a slowdown in amplitude of 1.3570/1.3630.


The material has been provided by InstaForex Company -