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Trading Performance 2017-2018

EUR/USD

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EUR/USD News & Analysis

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Forex Trading Strategies News & Analysis
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GBP/USD

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Latest Articles

U.S. Federal Reserve Chairman Jerome Powell's semi-annual testimony on the economy and monetary policy before the Senate Banking Committee on Tuesday will be keenly watched by investors.

If, as we expect, Fed Chair Jerome Powell sticks to his script during the upcoming Congressional testimony, we see no reason for further USD appreciation on the back of his remarks. Given that there is a one-sided risk that rate-hike expectations might move higher following the event, some temporary USD support cannot be ruled out. That said, with a lot of positivity already priced in for the USD, and with Powell likely to warn that an escalation in trade tension poses a risk to the Fed’s baseline outlook, we find it difficult to see any lasting support to the greenback from current levels.

This is how we trade now:

EUR/USD

Trading strategy: Long

Open: 1.1660

Target: 1.1790

Stop-loss: 1.1660 (raised from 1.1595)

Recommended size: 2.31 mini lots per $10,000 in your account

Short analysis: EUR/USD left a bullish hammer on Friday's candlestick. Traders shrugged off today's solid U.S. retail sales data, which suggests the USD rally may be coming to an end. We raised stop-loss of our long to the entry point.

Fed Chair Jerome Powell will deliver the Fed’s semi-annual monetary-policy report to Congress. He will appear before the Senate Banking Committee on Tuesday and before the House Financial Services Committee on Wednesday. We expect Powell to reiterate his sanguine baseline outlook for the US economy, the same that was highlighted in the FOMC minutes as well as in recent speeches and interviews.

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