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Forex Daily Report

Forex Daily Report 8-22-2014

EUR/USD was up 0.19% at 1.3284, up from a session low of 1.3242 and off a high of 1.3289. The pair was likely to find support at 1.3242, the session low, and resistance at 1.3412, Friday’s high.

Euro region’s services PMI slid to 53.5 from 54.2 in July, in line with forecasts. Euro was up against the pound, with EUR/GBP up 0.21% at 0.8007, and up against the yen, with EUR/JPY up 0.26% at 137.93.
GBP/USD was trading down 0.05% at 1.6587 up from a session low of 1.6564 and off a high of 1.6679. GBP was likely to find support at 1.6556, the low from April 4, and resistance at 1.6738, Monday’s high.


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Risk Warning

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade forex you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

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Traders often fail because they don’t learn from mistakes. Keep a diary of trades to discover what works and what doesn’t.   Setting limit orders and stop/loss orders takes emotion out of the equation and ensures trading discipline.   Trade small amounts when you are a beginner. Grow your account balance through profits, not deposits. ...