Happy Tuesday everyone! Hope you’re all having a wonderful day so far.
It’s been quite interesting, the way the market has behaved today. It’s in pullback mode. All the currency pairs that have been trending up have decided to switch courses today. Who knows how long the retracements will last, could be for a couple of days…you never know but it’s wise to be prepared for a change. What goes up, must come down…we must always keep that in mind. Even I have to remind myself sometimes because sometimes being overzealous can backfire.
Here is one currency pair you should keep an eye on: EUR/GBP as a sell. It has been down the past 4 trading days or so and I expect that it will continue to decline for at least a few more(days).
As always, keep on top of your economic data. Tomorrow’s vital data includes: Speech by the Reserve Bank of Australia(RBA) Governor, German Ifo Business Climate(EUR), Durable Goods Orders(USD), New Home Sales(USD), and Current Account Balance(NZD). These indicators can drive the market so be aware of the time they are released and watch the market reaction to the news. I plan to write a rundown on these items of information tomorrow so, look out for that. Also, don’t forget to check in on my Twitter updates…whatever I’m watching and doing that related to Forex, I post there. You can read them in the sidebar on the bottom of the page, subscribe to my Twitter accounts RSS feed, or just read the updates from the direct link . And finally, you can email me with any comments or questions…I’m always open to communicating with my blog readers! 😀 Speak with you all soon,