CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
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EUR/USD

Special Reports - 07/11/2024

07 November, 2024

The example below uses Contracts For Difference (CFDs). Calculations are only on the price of the specific instrument on the date below and calculations indicate a possible profit or loss. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk.

EUR/USD Weekly Special Report based on 1.00 Lot Calculation:

  • THURSDAY, NOVEMBER 7, AT 19:00 GMT: US FEDERAL RESERVE INTEREST RATE DECISION. Following the recent higher than expected U.S. retail sales data, markets have quickly adjusted to anticipate a rate cut approach at the November meeting. Investors are pricing in a 92% chance for a Federal Reserve rate cut in November. This cut could put the US dollar under negative pressure.
  • WEDNESDAY NOVEMBER 13, AT 13:30 GMT: US INFLATION (OCTOBER): The US is slated to report its CPI figure for the month of October. The top-line CPI for September came in at 2.4%. Should CPI come in below this number the FED will most likely need to cut interest rates by 50 basis points, which could provide support for the EURUSD pair and strengthen it.
  • THURSDAY, NOVEMBER 14 AT 10:00 GMT: EUROZONE GROSS DOMESTIC PRODUCT (GDP) Q3. Data is expected to show no economic growth in Q3, compared to the previous 0.9% growth rate. If data comes higher than expected, the EUR could rise in value, putting positive pressure on the EUR/USD currency pairs.

EURUSD, NOVEMBER 7, 2024
Current Price: 1.0740

EUR/USD

Weekly

Trend direction

UP

Resistance 3

1.1200

Resistance 2

1.1060

Resistance 1

1.0860

Support 1

1.0630

Support 2

1.0600

Support 3

1.0570

Example of calculation based on weekly trend direction for 1.00 Lot1

EUR/USD

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

4,600.00

3,200.00

1,200.00

-1,100.00

-1,400.00

-1,700.00

Profit or loss in €²

4,279.86

2,977.30

1,116.49

-1,023.45

-1,302.57

-1,581.69

Profit or loss in £²

3,564.51

2,479.66

929.87

-852.38

-1,084.85

-1,317.32

Profit or loss in C$²

6,389.64

4,444.97

1,666.86

-1,527.96

-1,944.67

-2,361.39

1. 1.00 lot is equivalent of 100.000 units

2. Calculations for exchange rate used as of 10:50 (GMT) 7/11/2024

There is a possibility to use Stop-Loss and Take-Profit.

  • You may wish to consider closing your position in profit, even if it is lower than suggested one.
  • Trailing stop technique could protect the profit.
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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. This material does not constitute an offer of, or solicitation for, a transaction in any financial instrument. Fortrade accepts no responsibility for any use that may be made of the information and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information, consequently any person acting on it does so entirely at their own risk. See full risk warning

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Be Aware: You can lose all, but not more than the balance of your Trading Account. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You do not own, or have any interest in, the underlying assets. Fortrade Canada Limited is an Order Execution Only broker, and does not provide investment advice or recommendation. Fortrade is a member of the Canadian Investment Regulatory Organization (CIRO) and a member of the Canadian Investor Protection Fund (CIPF). Fortrade Canada Limited is authorised to provide CFD trading services in all provinces in Canada except Quebec. Residents of Alberta province are required to be Accredited Investors to trade CFDs.

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Risk Warning and Disclaimer: CFDs are complex and highly speculative instruments, which come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing all your invested capital.

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Risk Warning and Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice. You can lose all the balance of your trading account, but not more than that, due to Fortrade’s negative balance protection.

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