EUR/USD 5/3

EUR/USD is pointing lower for a third straight day. Currently the pair is trading at 1.1156, down 0.15% on the day. On the release front, eurozone CPI Flash Estimate improved to 1.7% in April, up from 1.4% a month earlier. The core release climbed to 1.2%, compared to 0.8% in March. Both indicators beat their estimates. In the U.S., the focus is on employment numbers. Nonfarm payrolls is expected to slow to 181 thousand. Will we see a repeat performance of the ADP release, which also was expected in at 181 thousand but soared to 275 thousand? Wage growth is expected to climb to 0.3% in April, after a negligible gain of 0.1% a month earlier.
Eurozone inflation is expected to climb to 1.7% in April, marking a 5-month high. The stronger reading is a reflection of higher oil prices, which has pushed prices higher. Inflation is moving closer to the ECB target of close to 2 percent, and if the upward trend continues, ECB rate-setters will have to give some thought to raising interest rate levels. The bank recently announced that no rate hikes were planned before the spring of 2020, and this dovish stance makes the euro less attractive to investors.
EUR/USD was flat in the Asian session and is slightly lower in European trade
•1.1120 is providing support
•1.1212 is the next line of resistance
•Current range: 1.1120 to 1.1212

Sterling turns lower 5/2

Sterling turns lower after a Bank of England interest rate announcement, quickly retracing a brief rise immediately after the decision. The BOE voted 9-0 to hold interest rates at 0.75%, as expected. It said it sees gradual, limited rises in the key interest rate over the coming years and that rate rises may be larger than the market expects. The BOE raised its 2019 GDP forecast to 1.5% from 1.2%, though it said its forecasts were based on assumptions of a smooth Brexit. GBP/USD is last down 0.1% at 1.3040, having traded at around 1.3054. EUR/GBP rises to 0.8595, up 0.2% from around 0.8581 beforehand.

The most powerful patterns for Forex traders

candle stick chart

If you are using a candle stick chart you will see how the candle turns green as buyers enter the market. The same is true when you see a red candle that means sellers are selling the currency pair. If the news is bad the sellers will start to sell and produce red candles on your charts.
  A successful forex trader will keep informed on each pairs economic news and various reports that can effect the pairs trading range. All these factors need to be taking into consideration to make money in the forex markets.

The most powerful patterns for Forex traders

Forex traders need to learn charting

 Forex traders need to learn charting and technical analysis, most active traders use indicators. Many FX traders have often beat up the indicators instead of using them properly to make trades. The problem is that new traders tend to take every buy and sell signal an indicator shows, and this is the last thing you want to be doing. You need to incorporate chart settings and watch the trend.  The key for the trader is to use them in conjunction with proper trend analysis. One of the benefits in learning indicators and oscillators the correct way is that the charts help you to trade with less risk.

EUR/USD continues to climb this week

EUR/USD continues to climb this week, as the pair has gained close to 1.0 percent. Currently, the pair is trading at 1.1236, up 0.18%. The pair is currently at its highest level since April 23. German banks are closed for the May Day holiday, so the pair is unlikely to show much movement on Wednesday. In economic news, there are no German or eurozone events. In the U.S., all eyes are on the Federal Reserve, which releases its rate statement. The U.S. will release ADP nonfarm payrolls, which is expected to jump to 181 thousand, after a weak reading of 129 thousand in the previous release. As well, the ISM Manufacturing PMI is expected to drop to 55.0 points. On Thursday, Germany releases manufacturing PMI and retail sales, while the U.S. posts unemployment claims.