Currency Forecast, March 6th 2014

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Currency Forecast, March 6th 2014
Currency Forecast, March 6th 2014

Currency Forecast, March 6th 2014

Today is ECB rate decision, which could move the markets, especially with the comments from Draghi afterwards. I would expect that the EURUSD will move lower on his comments, as Europe isn’t in that good shape yet, as it looks like. We still have problems with the unemployment, the growth and the debts of each country.

I bought back the 1 EURTRY @ 3,0250 – so I am able now to resell it again @ 3,0500.

EURCHF also came back furthermore and traded above 1,2200 again. A move there towards 1,2300 should be seen quite soon, which would help the EURCHF, but also USDCHF position.

EURHUF also moved a touch lower and with the daily carry, it is not that far away anymore to the entry level.

So let’s see what the ECB event brings with it and if there are any news out of Russia and/or Ukraine.

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 1,3725 , USDCHF 0,8885 , EURCHF 1,2200 , USDJPY 102,75 , EURJPY 141,05 , EURHUF 308,75 , USDCAD 1,1030 , EURTRY 3,0260, EURPLN 4,1790, GOLD 1.333,00

EURUSD
(Entry lvl):
Current position: Short 2 @ 1,3690
Target:
Stop lvl:
Last trade:
P/L (ytd): +280 pips

USDJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +170 pips

EURJPY
(Entry lvl):
Current position: Short 2 @ 139,72
Target:
Stop lvl:
Last trade:
P/L (ytd): +375 Pips

USDCHF
(Entry lvl):
Current position: Long 2 @ 0,8805
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): Sell 1 @ 3,0500
Current position: Short 2 @ 3,0378
Target:
Stop lvl:
Last trade:
P/L (ytd): +767 pips (without carry P/L)

XAUUSD (Gold)
(Entry lvl):
Current position: Short 2k ounces @ 1300,00
Target:
Stop lvl:
Last trade:
P/L (ytd):

EURPLN
(Entry lvl): Buy 2 @ 4,1400
Current position: Flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +1000 pips

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