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FX.co ★ Trading plan as of 10/05/2017

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Forex Analysis:::2017-10-05T08:13:03

Trading plan as of 10/05/2017

Until the afternoon, today, there is no news, so the market will wait for US statistics. Nevertheless, even the theoretical possibility of a single European currency growth is constrained by political tension in Spain. Madrid declined any negotiations with Catalonia, and therefore the likelihood that in the coming days will be declared independence, only growing. In this case, the further development of events is simply unpredictable.

In turn, US statistics can help the dollar. It is forecasted a decrease in the number of initial applications for unemployment benefits from 272 thousand to 265 thousand. The number of repeat ones should grow from 1,934 thousand to 1,950 thousand. The total balance should grow by 9 thousand. But at the same time, production orders can grow by 1.0%, which will smooth out the negative and considering the decrease in orders by 3.3% in the previous month, the dollar will be able to improve its positions quite well.

The euro/dollar currency pair, most likely, will again descend to the value of 1.1715, where it forms a temporary stagnation.

Trading plan as of 10/05/2017

The pound/dollar currency pair continues to move along the range level of 1.3250 (1.3220 / 1.3285). It is possible to assume further fluctuations in the given frames, but if the bearish potential does not fall, then the breakdown of the boundary of 1.3220, up to 1.3160, is possible.

Trading plan as of 10/05/2017

Analyst InstaForex
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