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EUR/USD consolidates the vertical rise ahead of US data

The EUR/USD pair is currently consolidating the vertical rise witnessed last hours, with the bulls keeping range in the upper bound of 1.12 handle, as focus now shifts to the US dataflow due ahead of the US open.

EUR/USD at post-Brexit highs

Currently, EUR/USD rallies +0.77% to 1.1269, having posted fresh eight-week highs at 1.1277 post-European open. The main currency pair remains heavily bid, although fails several attempts to take on the recovery further towards 1.13 handle, as the bulls turn nervous heading into the much-awaited US CPI report due later in NA session.

However, the bid tone behind the EUR/USD pair remains intact as the US dollar suffers steep losses, largely on the back of repositioning ahead of the key risk events from the US dockets, viz., CPI, industrial output, housing starts, building permits and capacity utilization rate. The USD index meanders near fresh two-month lows of 94.73, recording a 0.82% loss on the day.

Calendar-wise, we had the ZEW surveys from Germany as well as the Eurozone, with the German headline ZEW economic sentiment coming in stronger at 0.5 in August as compared to July’s -6.8 points, however, missed markets’ expectations of a 2.0 reading.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1277 (2-month highs). A break beyond the last, doors will open for a test of 1.1300 (psychological levels). On the flip side, the immediate support is placed at 1.1204 (100--DMA) below which 1.1183 (5-DMA) could be tested.

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50% deposit bonus for cTrader real accounts is now available

With the success and popularity of our promotion for users of MT4, we are now introducing it to cTrader users. OctaFX is all about driving Forex trading to new levels and we are proud to announce a 50% deposit bonus for cTrader users!

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Round 50 of cTrader Weekly Demo Contest with OctaFX

Round 50 of cTrader Weekly demo contest is finally over, and it's our pleasure to announce the brand new winners of the contest!

Five skillful traders share the weekly prize fund of $400, and here they are:

• 1st place with the award of $150 goes to Mr. Dony Fitrah from Indonesia.
• 2nd place with the award of $100 goes to Mr. Rizwan Ahmed from Pakistan.
• 3rd place with the award of $75 goes to Mr. Grigoriy Danilov from Uzbekistan.
• 4th place with the award of $50 goes to Mr. Kirit Rupala from India.
• 5th place with the award of $25 goes to Ms. Sri Wahyuni from Indonesia.

The cTrader Weekly demo contest offers the ideal chance to win one of our valuable prizes while offering a risk-free option in demo trading. If you’ve never traded on cTrader platform before, it’s now your time to test its unique features such as:

• Mobile trading (mobile browser or iOS/Android app)
• Direct Market Access brokerage capabilities
• Creating and sharing screenshots automatically
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• Full-size tick chart
• Reversing/doubling position in one click
• Closing all open positions in one click

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Round 54 of OctaFX Champion demo contest!

The results of Round 54 of the OctaFX Champion demo contest are here, so let's meet and congratulate our recent winners who shared the prize fund of $1000. They were happy to give us their opinions and views into their trading methods and successes.

● 1st place with the award of 500 USD goes to Mr. Sandi from Indonesia.
● 2nd place with the award of 300 USD goes to Mr. Robert Aleniko from Indonesia.
● 3rd place with the award of 100 USD goes to Mr. Modh Azam Yazid from Malaysia.
● The last place is Mr. Anees ur Rehman from Pakistan who has won 100 USD.

To know more about how our great winners and how they achieved their success - just read some of the following interviews!

1st place: Mr. Sandi from Indonesia
I´m very happy and proud to be a champion of OctaFX contest because I´m a newbie and I could beat the other participants who are more experienced than me. I use almost all of my spare time to focus on the contest because I want to compete seriously. It is important not to be complacent with this victory, and it should be a motivation for the future in trading. Promotions offered by OctaFX are really attractive for traders. If there is any other promotions in the future, I would like to get involved again.

The key factor of my success was believing in myself and that I'm capable of using the trading techniques. My advice for other traders is to focus with 1 or 2 techniques and learn them deeply. Also you need to be calm and try not panic while trading.

My best profit I made was when I was trading on the news release with a fluctuating movement. And my biggest loss was when the movement of the candle was not in accordance with my expectation.

To be a good trader you must go through several phases. The failures at the beginning of trading can be used as trading experience for the future. And of course, you need to be strong mentally.

2nd place: Mr.Robert Aleniko from Indonesia
I´m very happy with the victory that I have achieved in this contest, despite only being in second place. With the results that I have obtained during the recent contest, at least there is progress in every open position I made, Sometimes it is enough to see the progress every hour. However, when I have free time, I always check the currency movement to take action at the right moment, to open position in accordance with my analysis.

This is my first victory so it makes me even more eager to join in all contests and promotions held by OctaFX. My success in this contest is always followed by news or financial news on the OctaFX website. To reinforce my analysis, I put on some indicators within MetaTrader 4.

I still have not mastered the strategies to get a consistent profit, but I am more comfortable using fundamental techniques.

The biggest profit that I made was $7 740. And my greatest losses occurred on the last day of the contest because I opened a position without strong analytical and trading thoughts, against the market.

In my opinion, it takes a long time to be a good trader who can earn a consistent profit. However, OctaFX can help beginners like me, to understand forex trading.

3rd place: Mr Modh Azam Yazid from Malaysia
Thanks for having such a great contest! I´m very, very happy as this is my 1st time that I have achieved this kind of win. I use almost all of my leisure time to learn and practice trading in forex and I used the OctaFX Demo contest as a way to challenge myself.

One thing I would suggest is to practice and master one particular technique. I've tried various techniques but now I'm using only one technique which I feel suits me well. It is basically just follow the trend & get into the market at the end of retracement.

My best financial gain was when I got 3rd place in OctaFX Champion Demo Contest. I was so happy. Also, my biggest loss was over a period of time, when I lost thousand of dollars learning to trade forex. I have been involved in trading forex for almost two years and I would say I probably need another two years to become a good trader.

Last place: Mr. Anees ur Rehman from Pakistan
All I can say is that due to some bad trading decisions my trading account came to zero in first week after coming in the TOP 20. I have registered myself in the next round and I will try to improve my skills before trading using a real account.

I have learnt a lot from this experience. There is no shortcut to becoming a good trader. You need to focus on the long term rather than the short term. I remember my last trade was successful. On that day I managed to make 400+ USD in my championship account. As per your other questions, it doesn't take much time to trade but you have to dedicate two to three hours minimum per day.

And to become a good trader you need to practice for around two years before trading with real accounts using low amounts at first.

Ready to try the OctaFX Champion demo contest yourself? Just register here and accept the challenge to be in with a chance to win!

Join the OctaFX Champion Demo contest today!

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OctaFX sends best wishes to Muslims celebrating Eid Al-Adha

OctaFX sends its best wishes to Muslims around the world celebrating Eid al-Adha, marking the end of Hajj, the holy pilgrimage to Mecca.

As Muslims gather with their families we wish you a peaceful and joyous Eid al-Adha.

Eid Mubarak from the team at OctaFX.

Round 51 of cTrader Weekly demo contest from OctaFX

OctaFX is pleased to announce the new cTrader Weekly demo contest results. This time, the prize fund of $400 is shared between some of our dedicated cTrader demo contestants.

Let’s welcome our traders who share the weekly prize fund of $400:

• 1st place with the award of $150 goes to Mr. Rasyid Annafi Khalilullah from Indonesia.
• 2nd place with the award of $100 goes to Mr. Gidione Pereira Aguiar from Brazil.
• 3rd place with the award of $75 goes to Mr. Umar Mustafa Harahap from Indonesia.
• 4th place with the award of $50 goes to Mr. Wilson from US Virgin Islands.
• 5th place with the award of $25 goes to Mr. Rizwan Ali from Pakistan.

The great advantage of OctaFX cTrader Weekly demo contest is that no risk of loss is involved and no investments are required to win. This contest is an ideal way for both new and existing customers who want to test their trading skills or who are starting out in the Forex market.

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• Mobile trading (mobile browser or iOS/Android app)
• Direct Market Access brokerage capabilities
• Reversing/doubling position in one click
• Closing all open positions in one click
• Creating and sharing screenshots automatically
• Algorithmic trading with cAlgo
• Full-size tick chart

It is very easy to take part in our contest, just open a demo account to participate in the next cTrader Weekly demo contest round!

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OctaFX launches MT5

OctaFX has yet again expanded its offering to ensure it provides the best trading conditions in the industry – this time enabling users to trade on the MT5 trading platform. OctaFX provides unrivalled low spreads and commission-free trading on both MT4 and MT5 platforms.

MT5 sports a new user interface enabling users to chart assets at 21 different timeframes and have up to 100 different currency charts open at any given time.

Key new MT5 features include enabling traders to:

• Open positions in one click right from the Market Watch window
• Analyse trends and recognise patterns with over 80 built-in indicators
• Backtest and optimise EAs in an advanced Strategy Tester
• Keep updated with the upcoming news releases with the built-in Economic Calendar
• Place two new types of pending orders - Buy Stop Limit and Sell Stop Limit orders
• Hedge, opening multiple trades for the same symbol including in opposing directions

Enhancing its user offering still further, OctaFX will shortly be announcing revamped account types and conditions. MT5 will be packaged with OctaFX's new Pro Account. Look out for more information on OctaFX's Company News page.

To open a new MT5 Pro account Click here. Go to the downloads page to choose the MT5 version that suits you best. MT5 is available for PC, iOS, Android and you can also trade from your browser.

Round 52 of cTrader Weekly demo contest: winners announced!

Another week is over, and so is the latest cTrader Weekly demo contest Round 52 which means another $400 have been reserved for the most skilful competitors. This time, the best of the best were:

• 1st place with the award of $150 goes to Mr. Muhammad Usman from Pakistan.
• 2nd place with the award of $100 goes to Mr. Mohamed lamine Zaamta from Algeria.
• 3rd place with the award of $75 goes to Ms. Umu Hikmatin, Se.MM from Indonesia.
• 4th place with the award of $50 goes to Mr. Rizwan Ali from Pakistan.
• 5th place with the award of $25 goes to Mr. Imam Pamungkas from Indonesia.

Want to join the winners list next time? There is no easier way to test your trading skills and to win in a no-risk environment than to join OctaFX cTrader Weekly demo contest. No funds are required to participate: the competition is held on cTrader demo platform. If you’ve never tried it before, here are a few points to catch your interest:

• Level II Pricing: a full range of prices directly from liquidity providers;
• Templates: create and save chart templates to use later;
• Advanced Chart Trading: simply click-and-drag to trade;
• Mobile and Web trading;
• Automatic screenshots;
• Algorithmic trading with cAlgo;
• ...and many more!

Ready to try and compete? Then open a demo account to take part in the upcoming round of cTrader Weekly demo contest and make sure to do your best!

OctaFX cTrader Weekly demo contest: compete and win!