Forex Trading Money Making | EUR/USD Forex pair | Trading signals #3

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our previous post, we traded the United States Dollar / Swiss Franc Forex pair with Tools Trades signal, if you missed it, make sure to check it out!

Today we are going to trade the Euro / United States Dollar Forex pair, so let's jump right into the trade and make some money.

Once again our broker is IQ Option, so far they are my favourite broker, however, I intend to give some other brokers a chance, so make sure you are subscribed to the Youtube Channel so that you don't miss new videos!

Now, let me convince you why this pair was a good opportunity to trade today.

Let's see what our Economic calendar has in store for us:

While there aren't many events to look through, you ought to watch out for these ones especially:

1. OPEC-JMMC Meetings

2. Crude Oil Inventories

3. FOMC Meeting Minutes

These events are surely going to have a high impact on the market and more specifically the Euro / United States Dollar Forex pair which we are interested in.

Let's break them down one by one to see why they are important.

OPEC-JMMC Meetings - Representatives from the 13 OPEC members and 11 other oil-rich nations participate in OPEC-JMMC meetings. They address a number of energy market issues and, most notably, decide on how much oil they will be producing. The meetings are closed to the press but officials usually speak to reporters during the day, and after the meetings have been completed, a formal statement is issued addressing policy changes and performance goals.

Crude Oil Inventories - This report addresses the change in the number of barrels of crude oil kept by commercial firms in inventory over the last week. It is the primary gage of market imbalances in supply and demand, which can lead to changes in production levels and price volatility;

FOMC Meeting Minutes - This report is scheduled 8 times a year, 3 weeks following the announcement of the Federal Funds Rate. It is a comprehensive record of the most recent FOMC meeting, providing in-depth insights into the economic and financial conditions that affected their vote on where interest rates should be set;

Now let's take a look at the chart below:

While in the past, a bearish trend was present, we encountered high levels of resistance. As you can see from the chart, the Forex pair dipped near the middle, which was a great opportunity to capitalize on.

At this point, I was sure that the buy position was the right choice, however, I wanted to further strengthen my decision, so I generated a trading signal from the Tools Trades website.

As you can see, the Tools Trades signal I received confirmed that my analysis was correct.

They were kind enough to provide me with Take Profit and Stop Loss values, which come in handy quite a lot, especially if you are a novice trader. After all of that, all that was left was to enter the trade using the information I have received from Tools Trades.

While resistance was still noticeable, I had faith that the trade will eventually end in my favour. Bullish trade emerged soon and thanks to the Tools Trades signal and our research we were able to snag 404.22 dollars with ease!

That is everything for today, feel free to check out the video below on this topic, stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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