USD extends the down move further - Forex News by FX Leaders

USD extends the down move further

Posted Wednesday, August 10, 2016 by
Skerdian Meta • 1 min read

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. 

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About the author

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.
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