In our last Forex update, we said we wouldn’t sell the EUR/USD, even though it has been trading in a downtrend the entire week and continues to do so.   

Well, we´re not sticking to our word; we just opened a sell forex signal in this pair!

Actually, I said that we had 2 open signals, so it didn´t feel safe enough to have three short term forex signals at the same time, in addition to the signals on the other financial instruments we have.

But GBP/USD put up a fight about 30 minutes ago and jumped 60 pips out of the blue. I just checked all the economic calendars and forex news websites to see if I missed anything, but no, the jump in GBP/USD pulled EUR/USD higher as well, taking it to the 100 SMA on the hourly forex chart.

So, we decided to pull the trigger since our GBP/USD signal got smoked and our exposure was reduced. US unemployment claims will be released in a couple of hours, so my opinion is that the buyers won´t have the guts to push much higher and that´s the other reason we sold this forex pair, besides being overbought.  

New Instruments in Our Forex Signals Service

We’ve recently incorporated some exciting new financial instruments into our trading signals service -gold and crude oil. We will add more instruments soon, such as CryptoCurrencies, so keep an eye out for analysis on these new instruments.