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11/02/2014: Stopped on my EUR/USD long position

It looks like for some reason, markets had not priced in Janet Yellen toeing the line.

Her testimony contains nothing new and nothing that should not have been expected.

With the unanimous voting on from the Fed with regards to further tapering last month, Yellen has said that the Fed will continue to reduce asset purchases at future meetings but that it is data dependent.

Pretty much exactly the line that Bernanke took before leaving office.

Despite this, Euro/Dollar has taken this as a slightly hawkish sign and has been dragged lower.

This has stopped me out of my long position at $1.3639 for a 29.1 pip loss.

I believe that this dip will only be temporary and there will be resumed upside in Euro/Dollar in due course.

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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.