How To Predict Forex Prices:

Many people think that forex market prices could be predicted by some scientific theory but that is definitely one of the biggest trading myths. I think that a good trader would always find a better way to find out how the market would move. If the forex markets could be predicted by some specific theory than all traders will be rich and no-one will loose any money. It does not make a sense, does it?

I will recommend that the best way to trade forex markets is to use the economy calender and forex charts. The most important thing for a trader is to analyse the news, not just to read it.

Unemployment continued to rise in Europe:

The unemployment in Europe remains negative. The data was released today and it has been pushing the EUR low to levels of 1.4750-1.4770

It looks like the currency pair EUR/USD may drop down to levels of about 1.4600 during the next week.

EUR/USD 1.4850 is next resistance:

If the currency pair breaks above 1.4850 next target could be at about 1.4950

Unemployment Claims report negative for USD:

Unemployment Claims data dropped to 530K which was below the expectations and it pushed the EUR up with about 40 pips and the European currency is still in uptrend position. Resistance could be seen at 1.4800

Core Durable Goods Orders positive for USD:

The orders rose up to 0.9% which was more than the forecast 0.6%. The release had a positive impact for the American currency vs. EUR.

CB Consumer Confidence negative for EUR:

The price of EUR/USD dropped with about 30 pips right after the data was released. Current price of the currency pair 1.4799

German Consumer Confidence Falls:

It declined for the first time in seven months as workers worried about keeping their jobs. The statement had a negative affect over the EUR.

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