Tradeo ceased offering trading services last year in May. Trading and ancillary will not recommence, and the brand/platform will be permanently discontinued.
For the clients with remaining balances, kindly send a withdrawal request through your login or via chat or email. If there are any queries or concerns relating to your account or any other matter, please email us at [email protected]
Elevated returns on US government debt have pushed the dollar higher, with EUR/USD nearing 1.20 and GBP/USD dipping under 1.36. Gold has been on the back foot, nearing $1,800.
The American economy is doing well according to the latest figures. ADP’s jobs report showed a robust increase in jobs while the ISM Services Purchasing Managers’ Index exceeded estimates as well. Both serve as hints toward Friday’s Nonfarm Payrolls figures. Weekly jobless claims are set to drop for a third consecutive week.
The Bank of England is set to leave its policy unchanged and publish its Monetary Policy Report on “Super Thursday.” Governor Andrew Bailey will likely comment on the BOE’s review of negative interest rates, the outlook for the economy and Britain’s successful vaccination campaign. The UK inoculated 10 million of its citizens.
EUR/USD gained strong downside momentum and is trying to settle below the key support level at 1.2000.
EUR/USD settled below the support at 1.2040 and is currently trying to settle below the next support level at 1.2000. If this attempt is successful, EUR/USD will gain additional downside momentum and head towards the next support at 1.1965.
In case EUR/USD gets below this level, it will head towards the support at 1.1925. A successful test of this level will open the way to the test of the next support level at 1.1900.
On the upside, the previous support at 1.2040 will likely serve as the first resistance level for EUR/USD. A move above this level will push EUR/USD towards the resistance at 1.2060. If EUR/USD settles above this level, it will head towards the next resistance at 1.2080.
EUR/GBP takes bids near the intraday high of 0.8831 ahead of Thursday’s European session. The pair marked a corrective pullback during the last two days that currently battles a resistance line from January 26.
Although bullish MACD suggests the pair’s further upside, traders prefer waiting for the Bank of England’s (BOE) monetary policy decision, comprising quarterly events, for fresh impulse.
Should the quote manage to cross the immediate hurdle near 0.8835, another falling trend line from January 22 and 100-bar SMA, respectively around 0.8860 and 0.8865, will be the key.
During the quote’s successful rise past-0.8865, the 0.8900, the 0.9000 psychological magnet and the previous month’s peak surrounding 0.9085 can lure EUR/GBP bulls.
Meanwhile, the latest multi-month low around 0.8795, marked on Tuesday, should stop the bears targeting the early March 2020 high near 0.8740.
In a case where the EUR/GBP prices remain weak below 0.8740, then the 0. 8700 round-figure and April 2020 low close to 0.8670 should gain the market’s attention.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services