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  • wrote up the $Gold forecast for this week, a major level already in-play ~1725. #NFP the big item on the calendar, but lots of space on the chart until Friday https://www.dailyfx.com/forex/fundamental/forecast/weekly/chf/2021/02/27/Gold-Price-Forecast-XAU-Tanks-Hard-as-Yields-Inflation-Fears-Climb.html https://t.co/xrlEzFbspb
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  • The US Dollar has begun the week strongly, The $DXY has risen back above the 91.00 level to trade around its February highs. $USD https://t.co/RxZTJZpbSL
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here: https://t.co/zEEUHZBx7g https://t.co/kJiIvjD1Bw
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  • 🇩🇪 Inflation Rate YoY Prel (FEB) Actual: 1.3% Expected: 1.2% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-03-01
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  • Heads Up:🇩🇪 Inflation Rate YoY Prel (FEB) due at 13:00 GMT (15min) Expected: 1.2% Previous: 1% https://www.dailyfx.com/economic-calendar#2021-03-01
  • Kazakhstan increased oil production in Feb by 8% m/m, exceeding OPEC+ quota #OOTT
More Pivot Points for Day Traders

More Pivot Points for Day Traders

Thomas Long, Course Instructor

The trend on the daily trend of the EUR/USD is down, so now we take a look to see if the EUR/USD can rally if the market opens higher than the pivot point.  This activity from Monday, February 1st offers a good example of that.

eurusd

The EUR/USD opened above the Pivot Point level of 1.3860 and after testing the pivot point on a couple of occasions, rallied up strongly off of that support.  Traders who use this tool typically adopt a bearish bias if the market opens below the pivot point and a bullish bias if the market opens above the pivot point and while I admit that two examples is an extremely small sampling, this approach has been around for a long time and is worth looking into if you are inclined to be a day trader.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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