Hey Fellas,

Yesterday was a big one for forex traders to say the least, as the ECB decided to shake things up which sent the Euro tumbling. All the majors were pretty active and I suspect that will be the case today when we get GDP data from the US. The USD has been charging higher and a GDP number that is above expectations will put a heap of pressure on the majors. And that’s good news for us as it means there is opportunity around for some strong momentum.

Yesterday was another solid one for our forex signals, as we picked up three out of four winners. Wins in the AUD/USD, Gold and the DAX, kept our accounts looking very nice at the moment. The long-term Sell Signal in the Euro also kept on travelling nicely thanks to Mario Draghi and the ECB.

Like I mentioned I think the majors will be in play today if GDP makes an impression, so keep an eye on our forex signals page for the latest trading opportunities.

Today’s Forex Signals Watchlist

EUR/USD – The Euro sold off hard after the ECB and now we will be looking to find more opportunities to sell pullbacks.

USD/CAD – Momentum is strong and there are dovish comments around about the CAD.

Nikkei – The Japanese Stock Index is really bullish and approaching 22,000. There are more buying opportunities here.

Gold – We had another profitable sell signal in gold yesterday as we ride the trend lower.

Top Trade Ideas

EUR/USD – ECB Has Rocked the Euro

Mario Draghi has certainly left his mark on the Euro, as we are now well and truly entrenched in a big downtrend. We are getting set to test the next key downside target which is 1.1600. This will be a good profit target level in the short-term and if we hold below, we can use this to enter on a further push lower. Be ready for any pullbacks today as the EUR/USD is in-play.

EUR/USD – 240 min Chart.

Key Support and Resistance Levels

USD/CAD – Dovish Tone

The USD/CAD been one that has slipped under the radar, since a lot of focus has been on the ECB and the Euro. After the BOC meeting this week, we’ve seen a dovish tone to what is being said. Given the strength on the USD there looks to be a fair bit more upside available in the USD/CAD at the moment. We have some good upside targets and pullbacks appear to be good opportunities to buy ahead of further moves. This looks to be a real fundamental trade at the moment.

USD/CAD – 240min Chart.

Key Support and Resistance Levels

Top Economic News Today

All focus is on the US GDP figure which is due for release today at 12:30 GMT. This will be the key driver today for the majors as it will have a big impact on the fortunes of the USD. Let's hope the big week continues!