MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Trading plan for 08/05/2017

Trading plan for 08/05/2017:

E. Macron won more than 65 percent in the second round of the election. Originally, the Euro rallied in response to such outcome on the French political scene, but currently, the common currency is losing ground against all major currencies outside the Australian dollar. EUR/USD is trading at 1.0975, which is still above the previous level when US labor market report was posted. On Asian markets, there is a mixed sentiment. Shanghai Composite dropped 1% drop, but Japanese Nikkei 225 revealed a strong rebound of almost 2.5%. Precious metals are rising in value. An ounce of Gold is up 0.25% and is priced at $1231. Crude Oil continues to rebound and the price is approaching key resistance ($47 for WTI and $50 for Brent).

On Monday 8th of May, the event calendar is light in important economic releases, but global investors will pay attention to Sentix Investor Confidence data from the Eurozone and Housing Starts data from Canada.

EUR/USD analysis for 08/05/2017:

The Sentix Investor Confidence data are scheduled for release at 08:30 am GMT and market participants expect the mood to improve from 23.9 to 25.3 points. Nevertheless, the main news that will be played today is the result of the French Presidential Elections, so other news and data will not have such an influence on markets. On Friday, the financial markets were very optimistic on Macron victory, so the mood was positive and EUR/USD surged higher towards the level of 1.1000. Now, after the fact, the bears might try to take control over the markets.

Let's take a look at the EUR/USD technical picture on the H4 timeframe. The price managed to establish a new marginal high at the level of 1.1022, but since then no follow through occurred and now the price is trading at the level of 1.0950, the important technical support. Any breakout lower will open the road towards the level of 1.0854. There is even a possibility of a gap fill later of the week if the downside momentum is strong enough. In that case, the potential target for the price would be at the level of 1.0730.

analytics591029b964d51.jpg

Market snapshot: GBP/USD trading around the swing highs

The British Pound is still trading at the elevated levels around the recent highs of 1.2988, just below the round psychological level of 1.3000. Nevertheless, the upward momentum is fading and there is visible a clear bearish divergence between the price and the momentum oscillator. In a case of a downside breakout, the next support is seen at the levels of 1.2859 and 1.2828.

analytics591029c320f9d.jpg

The material has been provided by InstaForex Company - www.instaforex.com