This week and the next few will be interesting to say the least. We’re at a crossroads of trend reversals or continuation as the last few weeks have shown us a lot of consolidation and sideways moves. My recommendation is thus only trade in the “direction” of the below forecasts but for a short duration of time. Like EURUSD, when the price drops, buy in a long and close it at 200 units (pips) of profit, let it drop again then open a new long trade. This way, you are protecting yourself in the event the price maintains an upwards momentum.
I took some time off playing Bungie’s new game Destiny to bring you this FOREX forecast.
Dominant bias: Bearish
The Euro is now one of the weakest currencies of the majors. Meanwhile, the US Dollar is proving to be the strongest. It is therefore no surprise that EURUSD dropped sharply again last week – falling below the resistance line at 1.2550 and suggesting the support lines at 1.2500 and 1.2450 might be tested. However, there it is quite likely that the Euro will gain strength before the end of this week, which may result in the aforementioned support lines aiding the bulls.
What a great week for trading FOREX. EURUSD keeps getting beaten down like the redheaded step-child. The best part is we can continue to make money on this predictable abuse. So get out there and TRADE! Also, please donate, especially if following my advice lets you roll naked in mounds of $100 bills.
Breaking away from the up and down of Forex, there’s a whole new way to trade out there. Binary Options are a way to “bet” that at a certain time the price will be higher, or lower than the time you are placing the bet. This allows a whole new level of making and losing money.
Sorry for the brevity today. It’s been an exhausting week. My Mini Cooper S started gurgling antifreeze while having valve cover and timing belt issues. It finally gave up the ghost after these all too common issues piled on each other and I told the mechanic to let her die. Then there was picking out curtains for my soon-to-be-born daughter’s room. Without further groaning, here’s the forecast.
Gold and silver are the slutty sisters of the mineral world. If Gold is sucking hard, you can almost guarantee that Silver will be on her knees sucking harder. That’s what this forecast is all about. While the European world is in a dickfest over the Ukraine and who can out embargo who, our mineral girls are going down harder than a Brazilian hooker during world cup. Below is my forecast on those dirty little girls.
The European dickfest over the Ukraine has been going strong last week making for some great short opportunities.
Dominant bias: Bearish
EURUSD has been consolidating recently, so a breakout is expected very soon. This will most likely be in the direction of the dominant bias, so any break should move price towards the resistance levels at 1.2850 and 1.2800 successively. Should the break go the other way, a rally above the resistance lines at 1.3000 and 1.3050 could indicate the start of a new bullish trend.