Closing A Crazy Week - Forex News by FX Leaders

Closing A Crazy Week

Posted Friday, February 3, 2017 by
Skerdian Meta • 1 min read

What a mental week this has been. The moves haven´t been particularly enormous, but they have been substantial enough to break some important levels.

The price has moved above the 1.08 resistance level in EUR/USD and 112.50 support level in USD/JPY a few times, so I think this makes them invalid now. I´ll still keep an eye on them though. 

Last week, the market didn´t know what to think about Trump´s decisions. This week, the market knows it doesn´t like these decisions mainly because of the disorderly manner they have been carried out, but it´s not sure yet what impact these and future actions will have on the US economy, the USD and probably for the rest of the world. 

This has led to some brutal moves this week which made it hell for forex traders. The Buck has swung 100-200 pips up and down within a few trading session.

So, this has been a really bad week for us, but we still managed to close January in profit. I´m off for the monthly forex review now and when I´m done with that I´ll analyse the market and my strategies to see where the flaws were this week. 

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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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