Currency Forecast, February 6th 2014

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Currency Forecast, February 6th 2014
Currency Forecast, February 6th 2014

Currency Forecast, February 6th 2014

EURPLN moved below 4,1900 so I closed the position and took profit there.

EURTRY is already close to the 3,0000 level, where I like to buy back only one, to be able to sell it again on a possible rebound.

USDJPY took out the stops below 101,00 but came back immediately so the way towards 102,00-103,00 should be clear now.

Today will be ECB rate decision plus press conference afterwards. I expect no change at all and the statements will be more neutral to a tiny bit dovish on the euro.

Tomorrow the Nonfarm Payrolls are much more important to the market, especially to EURJPY, USDJPY and USDCHF.

Good luck,

**relatedarticle**

Current trades, positions and levels:

For info how the model works: The P/L is always calculated with the size of 1. So if the position is 1 and it makes a profit of 100 pips, the P/L would be +100 pips. If the position is 2 and it makes a profit of 100 pips, the P/L would be +200 pips of course – it is always calculated with the position size of 1. The position could go up to 3, in case the system has a strong view.

Current spot: EURUSD 1,3520 , USDCHF 0,9040 , EURCHF 1,2225 , USDJPY 101,50 , EURJPY 137,25 , EURHUF 307,10 , USDCAD 1,1075 , EURTRY 3,0075, GOLD 1.258,00

EURUSD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +280 pips

USDJPY
(Entry lvl):
Current position: Long 2 @ 101,50
Target:
Stop lvl:
Last trade:
P/L (ytd): +90 pips

EURJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +375 Pips

USDCHF
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURCHF
(Entry lvl):
Current position: Long 3 @ 1,2265
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURHUF
(Entry lvl):
Current position: Short 3 @ 303,70
Target:
Stop lvl:
Last trade:
P/L (ytd):

USDCAD
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): -1146 pips

EURTRY
(Entry lvl):
Current position: Short 3 @ 3,0093
Target:
Stop lvl:
Last trade:
P/L (ytd):

XAUUSD (Gold)
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURPLN
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade: Bought 2 @ 4,1900
P/L (ytd): +1000 pips

To contact the reporter of this story: Marco Roemer at marco@forexminute.com