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Risk warning: Losses could exceed deposits.

The euphoria from the Trump – Junker meeting on Wednesday was replaced by the carnage of a tumbling Facebook share price yesterday as the company lost 19% as future earnings and revenues were guided lower.

I mentioned my concerns yesterday that the Trump – Junker deal actually lacked substance and that in my opinion there was no real deal that could be confirmed.

Let’s look at the charts, but first, if you don’t yet have a trading account, please go here to open one.

This was confirmed to me by the comments out of the EU and US yesterday, Trump believing that the EU would be buying soybeans and Macron of France stating that agricultural would not be part of any deal. 

Commerce secretary Ross also hinted that aluminium tariffs would stay in place for now despite the EU believing these tariffs would be removed – it makes you wonder if Trump and Junker were actually in the same meeting.

The ECB kept rates unchanged and Draghi tried in vain to reiterate that the ECB would not tighten until summer 2019 – the market did not buy it again and the EURUSD dropped like a lead balloon.

The bottom, for now, is 1.1650 and this will be a make or break level for the bears, if they are able to drag price through this level then 1.1500 could be on the cards again.

The FX market still looks void of any trading opportunities to me and so I continue to look at the Indices with the DAX, in particular, looking enticing this morning.

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Leave your Questions about Market Insights Commentary 27 July 2018 below

FXPrimus
Haroun Kola

FXPRIMUS Mid-Week Market Analysis by Stavros Tousios 06.06.18

Since Monday Euro, Sterling and Gold rose while Dollar, Yen and Crude Oil fell. Today, I would like to focus on Oil, as we are expecting EIA to report its weekly stocks, and also, on the Euro-Dollar, as this is the most tradable currency pair and opportunities are always in play.

CM Trading
Haroun Kola

CM Trading MetaTrader 4 Tutorial

Learn how to use the popular MT4 trading platform. MT4 is available on CMTrading, the most popular broker in South Africa, for traders to use.

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