CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% 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. 70.91% 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 money. Read full risk warning.
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EUR/USD

Special Reports - 02/05/2023

02 May, 2023

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:

·EVENT Wednesday, (May 3 at 19:00 GMT+1): Federal Reserve interest rate decision. In an upcoming meeting it is expected that the Federal Reserve lifts its benchmark interest rate by 0,25% - to 5,25%. Shortly after, Federal Reserve Chairman Jerome Powell will speak at its press conference.

·EVENT Thursday, (May 4 at 13:15 GMT+1): European Central Bank interest rate decision. In an upcoming meeting it is expected that the European Central Bank lifts its benchmark interest rate by 0,25% to 3,75%.

·EVENT Friday (May 5 at 13:30 GMT+1): United States, Nonfarm payroll and Unemployment rate. Data from the US job market are closely monitored by market participants in order for them to assess the likelihood of next steps of the Federal reserve in terms of their interest rate policy.

·TECHNICAL ANALYSIS: The 10- Day Relative Strength Index (RSI) shows the pair trades in oversell territory which could imply that the price of this currency pair may start a downward correction.

EURUSD, May 2, 2023
Current Price:1.1000

EUR/USD

Weekly

Trend direction

DOWN

Resistance 3

1.1300

Resistance 2

1.1200

Resistance 1

1.1130

Support 1

1.0850

Support 2

1.0700

Support 3

1.0600

Example of calculation base on weekly trend direction for 1.00 Lot1

Pivot Points

Resistance 3

Resistance 2

Resistance 1

Support 1

Support 2

Support 3

Profit or loss in $

-3,000

-2,000

-1,300

1,500

3,000

4,000

Profit or loss in €²

-2,734

-1,823

-1,185

1,367

2,734

3,646

Profit or loss in £²

-2,405

-1,603

-1,042

1,203

2,405

3,207

Profit or loss in C$²

-4,068

-2,712

-1,763

2,034

4,068

5,424

1. 1.00 lot is equivalent of 100.000 units

2. Calculations for exchange rate used as of 08:41 (GMT+1) 2/5/2023
Fortrade recommends the use of Stop-Loss and Take-Profit, please speak to your Senior Account ManagerClient Manager regarding their use.

  • You may wish to consider closing your position in profit, even if it is lower than suggested one
  • Trailing stop technique can protect the profit – Ask your Senior Account ManagerClient Manager for more details
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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. 70.91% 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. Fortrade Cyprus Ltd is regulated and supervised by the Cyprus Securities and Exchange Commission (CySEC) with CIF license number 385/20. CFD products may not be suitable for all clients, therefore ensure, that you understand the risks involved 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.

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