Currency Forecast, November 4th 2013

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Currency Forecast, November 4th 2013
Currency Forecast, November 4th 2013

Currency Forecast, November 4th 2013

The EUR finally moved lower against the USD and moved below the 1,3500 level and also EUR/JPY moved lower towards the 133,00 level.

Here around 1,3450 there should be a bigger support level which will be hard to break, though I think we will take it out soon – but as there is a small chance that it could hold and we can see a rebound of EURUSD, I like to take profit on the EUR/JPY position. If we should see a much weaker EUR plus/or a stronger USD, it would be fine anyway with the EUR/USD and USD/CHF position.

I would also like to open a EUR/CHF position at 1,2300, should we trade there again and play this one within a small range 1,2300/1,2340.

This week, everyone is waiting for ECB rate decision on Thursday, which could give some more news and information about the future, if the low interest rates will continue for a longer time or not, or if we could maybe see another rate cut.

Good luck,

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.

**relatedarticle**

Current spot: EURUSD 1,3500 , USDCHF 0,9120 , EURCHF 1,2315 , USDJPY 98,60 , EURJPY 133,15 , EURHUF 295,75 , USDCAD 1,0410 , GOLD 1.315,00

EURUSD
(Entry lvl):
Current position: Short 3 @ 1,3150
Target:
Stop lvl:
Last trade:
P/L (ytd): -110 pips

USDJPY
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2240 pips

EURJPY
(Entry lvl):
Current position: Flat
Target:
Stop lvl:
Last trade: Bought 3 @ 133,15
P/L (ytd): +1078 pips

USDCHF
(Entry lvl):
Current position: Long 3 @ 0,9366
Target:
Stop lvl:
Last trade:
P/L (ytd): +440 pips

EURCHF
(Entry lvl): Buy 3 @ 1,2300
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +621 pips

EURHUF
(Entry lvl): Buy 3 @ 292,00
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +2540 pips

USDCAD
(Entry lvl):
Current position: flat
Target:
Stop lvl:
Last trade:
P/L (ytd): +500 pips

XAUUSD (Gold)
(Entry lvl):
Current position:
Target:
Stop lvl:
Last trade:
P/L (ytd): +258.000 USD

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