Good news from Europe. After prolonged negotiations, the leaders of Eurozone agreed on a strategy on how to deal with the debt crisis that has crippled the currency union over the past year and already pushed two of its members into expensive bailouts. The European Financial Stability Facility, will be able to lend the full Euro 440 billion that it was initially promised.
The fund will also be allowed to buy the bonds of governments in financial difficulties on the open market, but only if the respective country is locked into a national bailout program based on strict conditions.
Now we have to wait and see how the markets reward the Euro. Will it continue its rally from Friday, or was that just one day wonder? The agreement in itself might not quiet the worries of more bailouts ahead especially since rating companies again downgraded debts of Spain and Greece. This coming week might easily set the tone for the next major Euro trend.
Our services had a positive week. One is still recovering from the losses early in the year, but things are looking up and we are confident of better times ahead. Please see the results below and follow the link for details.
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Here are the results for last week:
- Daily Pound made 124 pips ;
- Daily Euro gained 51 pips;
Follow the link on the right to view details.
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Last week's results.
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Our view about the NZD-USD from the last update has not paid out. Yet. This pair has just been moving down, while we are ready to buy. We are simply moving our buy order down and right now it is at 0.7481 with a 100 pips target.
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Trade of the week.
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British Pound has been going through interesting gyrations lately. Once it is in a free fall of historic proportions, then it stages a great rally. Now it appears to be losing ground again, particularly visible on a daily chart of the GBP-CHF. We want to sell it if the price moves under the recent low, with order placed at 1.4848. Objective is at least 150 pips.
We wish everybody great trading week!
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Once again we must stress that the trades highlighted here are only a small sample of our trades. If you have any comments or would like to obtain more information please contact us at info@spectrumforex.com .
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Risk disclaimer:
Substantial risk is involved. Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the Forex markets. Don't trade with money you can't afford to lose. Nothing in our website shall be deemed a solicitation or an offer to Buy/Sell futures and/or options. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on our site. Also, the past performance of any trading methodology is not necessarily indicative of futures results. Trading involves high risks and you can lose a lot of money.
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