USD extends the down move further

The Buck has been in a slight downtrend yesterday. Apart from the wages data, which showed that the wages grew more than the expectations and the productivity, which slightly missed the expectations there wasn´t any other event to spark the USD selling. So, this downtrend is entirely attributed to the market sentiment and positioning of the forex traders after last week´s great US employment report.

 

EUR/USD has erased all the losses from Friday

Whatever the reason, the move down has extended further this morning and EUR/USD has erased all of Friday´s losses. GBP/USD is up more than 130 pips from the lows yesterday. I thought that at least this forex pair would keep its downtrend intact since  the fundamentals in the UK are really horribly right now. But, that wasn´t meant to be and our sell forex signal that we opened yesterday evening is history now. We still think that selling EUR/USD is a good opportunity right now, so we´re taking a short up here around 1.1140s. 

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers