EUR/USD, the world's most traded currency pair, plunged violently from a high of 1.2521 on February 1st at approximately 15:00 UTC to a low of 1.2212 on February 8, 2018 at approximately 07:00 UTC. This is a loss of over 300 pips. With such a large drop in value, our outlook on the EUR/USD currency pair is Mixed to Bearish. Until something happens that dramatically reverse this Bearish trend, we will continue to perceive the pair as a Mixed bag with a Bearish undertone.
The Market Genie has begun to take profits from the Bulls in the process, giving the Bears scraps to feed on. For the longest time the Market Genie was up in arms with the Bulls talking and laughing, hanging out together in bars drinking beverages, like nothing mattered. But little did the Bulls know that the Market Genie was planning a reversal to take all their money when they least expected. Well, this is what happens when traders are up in arms with the Market Genie, bad things usually happens. Never trust the Market Genie, it will eat you alive.
BlockchainStar Girls and Star Boys, just know how to identify where the Market Genie is roaming and when you do, your trading success will be realized. Remember that the Market Genie has a way of dragging the Market from left to right, up and down. So, you got to know what the Market Genie is doing at all times in order to win the battle against this elusive creature.
Always remember to employ proper risk management strategies in your trading. Defense wins games!
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