The Non Farm Payrolls data very positive for the USD:

The Non Farm Payrolls data yesterday was very positive for the American currency. The number posted was that U.S. Economy only lost 11,000 jobs. This is big news because the number was supposed to be - 119k so that means that the estimate was 108,000 off. The currency pair EUR/USD moved with about 180pips downside in favor of the American Dollar and the market reacted with strong movements. The market closing price of the pair 1.4843

Current support and resistance levels of EUR/USD:

S3 S2 S1 P R1 R2 R3
EUR/USD 1.5045 1.5049 1.5053 1.5057 1.5061 1.5065 1.5069

EUR/USD today's outlook:

Current price of the currency pair is 1.5089 and it looks like it may rise up again to levels of about 1.5120-1.5130 later on today.

ADP Non-Farm Employment Change:

The ADP Non-Farm Employment Change data was released today. The actual result (-169K) was better than the forecast (-149K). The USD rose against the European currency right after the data was released. EUR/USD pair dropped off with about 20pips within 30-40 minutes after the data was published. Current price of EUR/USD 1.5037 and it looks like the pair is dropping down to about 1.5200-1.5010

EUR/USD reached 1.5100:

The currency pair reached 1.5100 and it looks like in the next a couple of hours we may see the pair going down to levels of about 1.5000-1.5020. On the other hand we may see support at about 1.5300-1.5400 and another rise to test 1.5150-1.5200 could be seen later on.

Nationwide HPI m/m to be released on Tuesday:

The Nationwide HPI data will be released on Tuesday. It is expected to rise by 0.4%. This is a very important indicator regarding the house industry in the United Kingdom. Current price of GBP/USD 1.6440

Forex Trading Tips: Lack of knowledge:

This is perhaps the most common and the most serious mistake of all. Traders come to forex without even elementary knowledge of the market. They do not know what drives exchange rates. They do not know what influences the market. There are so many factors that have a direct impact on forex. Traders must know all of them. Otherwise, the forecast may turn wrong and you lose your money. What factors influence forex? First of all you need to pay attention to data released by national and international financial institutions. This is data on gross domestic product, interest rate of national and international banks, consumer purchasing power etc. You should be aware of economic and political situation in the world. Statements and announcements of the world leaders can immediately send the market down or flying in the sky.