Forex Guides

EUR/USD Forecast 10 Nov 16

Good day readers.

As the world comes to term with the dawn of a new era for the American political scene, I had 2 readers write to me about their margin calls.

It saddens me always when I hear my readers who had lost their money. As mentioned in the previous forecast, it is prudent to stay off the markets due to the possible volatility.

Looking at the hourly EUR/USD chart, we can see the currency pair spiking up when possible panic sales of USD occurred due to the direction of the election wastaking.  As the market settled, it gave way to a strengthening US dollar, wiping off trade positions of the opposite direction.

The current situation now may be bewildering to the layman and let me try to bring some sense to it.

Equities may be rallying due to bets that the election result may put an interest hike by the US Federal Reserve on hold. If indeed so, access to money will continue to remain cheap which should spur business.

With regards to the strengthening US dollar, more time is needed to ascertain. It may be an effect of risk aversion where investors horde US dollar in view of uncertainty or a sign that people are actually optimistic that the US will once again rise to the top among the various facets.

We will remain on the fence till the end of the week as a measure of prudence.

Trade safely.

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