The EURUSD under pressure with prices cutting back below 1.0500 as parity expectations encouraged bearish investors to pounce.
The divergence in monetary policy between the Federal Reserve and European Central Bank has made the EURUSD fundamentally bearish.
With political instability and uncertainty in Europe haunting investor attraction towards the Euro, any extreme upside gains on the EURUSD should be capped.
From a technical standpoint, previous support around 1.0500 may transform into a dynamic resistance which could open a path towards 1.0350 in the medium term.
European politics will dominate the headlines the week ahead as Italian and Austrian citizens head to the polls today.
Italians are voting on whether to back reforms of the country’s constitution that would reduce the size of the upper house of parliament from 315 senators to just 100
Austria, one of the most peaceful countries in the world will also test the rise of populism that led Donald Trump’s presidential election win and Britons vote to leave the EU.
Trader’s focus will shift into the European Central Bank meeting later today for any indication on whether the bank is considering tightening monetary policy soon. We don’t expect any action in today’s meeting but the Euro will be driven by forward guidance from Mr. Draghi who will be faced with questions related to a recent unofficial report indicating tapering asset purchases. If Mr. Draghi decides to turn hawkish on the slight improvement in recent Eurozone data, then we assume the Euro is currently trading on the lower range bound for the short run with the potential of recovering most of October’s losses. The recent rise in global bond yields will ease the pressure on the ECB to amend the rules on asset purchases, but any indication of amending those rules would suggest expanding the program beyond March 2017.
I have noticed lot of traders abusing the Gegatrade PRO by using it with VERY LOW BALANCE and even attaching multiple Charts
I have also noticed traders Zero'ing the News setting so that the EA trades non-stop.
I have also noticed some users attaching the EA without News filter
This EA is not a gamble machine. it WILL blow your account if you do this.
Follow the rule and you are safe
Read all Hints and Recommendation please before leaving bad review
It is recommended to update Gegatrade Pro to latest Version.
New function added based on traders request
(Pause Martingale When News Events in Pause State)
This will stop the EA from making more trades While in News Pause State,
after the News Pause Ends, the EA continues where it left.
It is recommended to update Gegatrade Pro to the latest version.
Version 3.8 - 2016.06.22
StartTradingInMondayTime - start trading at any time you define after market opens on Mondays (broker time)
EndTradingInFridayTime - ends trading at the time defined before market closes on Fridays (broker time)
Updated the past news till June 9
Support for MetaTrader 4 terminal builds below 940 will be discontinued on July 1, 2016 by mql5. Unsupported terminal builds will not be able to connect to the new server versions. Therefore, we strongly recommend that you upgrade your terminal.