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EUR/USD Technical Analysis January 5, 2012

Click Here To Watch Video EUR/USD Daily Technical Analysis For Thursday, January 5, 2012
EUR/USD Daily Technical Analysis For Thursday, January 5, 2012
By: Marvin P.

Thursday, January 5, 2012

During today's London & New York Trading Session, we saw the EUR/USD pair slide ~173 pips to a brand new low of 1.2770, which is now serving as support.  The Euro weakened across multiple crosses, which proves that the 2 day sell off was primarily about fears over European Sovereign Debt, rather than US dollar strength.

Will we continue to see further declines during the Asian Trading Session or will we see more thin trading volume & range-bound activity ahead of Friday's Non-Farm Payroll Report? In today's video, you will hear a brief review about the price behavior of the EUR/USD currency pair, known areas of historic support & resistance, and good trade opportunities you could have placed during the trading day.


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Forex Trading On January 5, 2012

Click Here To Watch Video Live Webinar From Thursday, January 5, 2012
Live Webinar From Thursday, January 5, 2012
Video Running Time:58:38
By: Melvin P.

Thursday, January 5, 2012

For the past 2 days we've been observing massive weakness in the Euro across multiple currency pairs over more concerns with European Sovereign Debt and Bank recapitalization issues. Although Mario Draghi & the ECB stepped in to offer cheap money through the 3-year LTRO (Long Term Refinancing Operation)back in December, was this still enough to backstop all of Europe's financial woes?

For today, we saw a ~150 pip slide in the EUR/USD pair to a 15 month low, despite the decent French bond auction and surprising ADP Employment number of 325K that beat economists expectations by 149K. Although this headline number far surpassed it's forecasts, we did not see a huge market reaction to the report. This proves that most of your institutions & hedge funds were sitting on the sideline to see what tomorrow's NFP (Non-Farms Payroll) report would say about December employment, in comparison to today's ADP number.

We started today's webinar by discussing how to trade news events using the Slumdog Forex Trading System. During news releases or economic reports, you may see a surge in volatility, and you may have to adjust your trading plan accordingly. However, there are times when you may not see a reaction at all. Rather than predicting where price should go during an economic report, it is recommended that you wait a few minutes until price action shows you where trend sentiment lies.

Towards the end of this video, we entered a few live trades in the EUR/USD pair.


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