Forex Signals Brief for Oct 17: Earnings Report Turns the Sentiment to Risk-On!
Arslan Butt • 1 min read
The US stock market took a bullish turn upon the release of better than expected earnings reports. Morgan Stanley jumped 2.24% in premarket trading after its earnings came in better than expected. Same goes for BlackRock as they also reported larger-than-expected quarterly earnings returns.
Besides that, the Netflix EPS (earnings per share) soared to 0.89 vs. 0.68 forecast. While Goldman Sachs outperformed the forecast by 0.88 as its EPS came out as 6.28 vs. 5.4 beforehand.
Clearly, the market sentiment has turned from Risk-off to Risk-on as the traders are taking their bets on the stock market instead of safe haven assets.
Forex Signal Update
EUR/JPY – Active Signal
Earlier today, team FX Leaders opened another signal on EUR/JPY and it seems to be doing pretty well. The trade is floating in 24 pips profit. Therefore, I would advise traders to move their stops at breakeven points to avoid any potential reversal.
Bitcoin – Active Signal
The BTC/USD jumped dramatically on Monday to place high of $7,790 but reversed before meeting our take profit level of $9,900. For the moment, the BTC/USD has completed 78.6% retracement at $6,620 and the pair is still holding above it. Good thing is, the pair is still trading above 20 & 50 periods EMA which is signaling a bullish bias of traders.