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EUR/USD spikes to 3-day high ahead of US economic releases

The EUR/USD pair's has gained further traction in the past hour, assisting the pair to accelerate through 1.0450-55 resistance area.

Currently trading at three-day peak, around 1.0470 region, the pair was seen building on Wednesday's tepid recovery gains as the US Dollar extended its profit taking slide from 14-year highs. Meanwhile, looking at the pair's sharp up-tick of around 25-pips in the past hour, the pair seems to have taken out some stops and hence, it would be interesting to see if the up-move is sustainable or is just a stop-run.

Next in focus would be US economic docket, featuring the release of final GDP print, durable goods orders, weekly jobless claims, personal income / spending data and the Fed's preferred inflation gauge - core PCE price index.

Technical levels to watch

A follow through buying interest has the potential to lift the pair towards 1.0500 psychological mark above which the recovery could get extended towards 1.0530-35 resistance area. On the flip side, 1.0450 level now seems to protect immediate downside below which the pair is likely to drift back towards 1.0400 round figure mark.

OCTAFX CHAMPION DEMO CONTEST ROUND 58: THREE MAIN SUCCESS FACTORS

We are ready to announce the happy winners of OctaFX Champion demo contest Round 58! The prize fund of 1000 USD was shared by four traders, and this time they were:

1st place with the award of 500 USD goes to Mr. Karsono Muslamat from Indonesia
2nd place with the award of 300 USD goes to Mr. Said Yacouti from Morocco
3rd place with the award of 100 USD goes to Mr. Muhlish Tri Hidayat from Indonesia
The last runner in the contest, Mr. Eka Birawan from Indonesia is granted 100 USD

Do you want to learn the main success factors in trading? Here is what our winners told us:

1ST PLACE: MR. KARSONO MUSLAMAT FROM INDONESIA

I am very happy and proud that I have won this contest, this victory is like an award for me.
This contest didn’t really consume all of my daily time, I traded only at certain hours that I considered crucial for trading. I am always open to the opportunities to participate in a real contest, and with this victory it might be a turning point for me to become a successful trader in this field. The key to my success is my discipline and my faith in the trading techniques I use. My strategy is to avoid hasty decisions and to wait for the right time to open a position. The loss I experienced was trivial and I didn’t have any significant profits, but every time I opened a position, I always gained some small profits that helped me to eventually win. I am a self-taught trader, I didn’t get a special education and it took me long enough to learn. After a few failures that I experienced these 2 years, I can humbly say that I am a good trader.

2ND PLACE: MR. SAID YACOUTI FROM MOROCCO

Wow, I feel so good to get at least the second place! I’d been watching the competition closely for a month and then I thought it was a good moment to try it too. And yes, I want to participate in the upcoming rounds as well. I guess the key factor to my success was a close intermediate term analysis during the whole contest. My strategy is described by a simple phrase: buy at low prices and sell at high prices. Isn’t it really simple and perfect? I also got a valuable lesson from this contest: I suffered more losses when I was using a long-time strategy. I’m not sure how long it takes to become a good trader, because I’m still learning. But I think we can become good traders if we control ourselves and try to be as patient as we can.

3RD PLACE: MR. MUHLISH TRI HIDAYAT FROM INDONESIA

Thank God! I’m very happy, I was not expecting it after nearly three years of participating in the demo contest, but I finally became one of the winners! In terms of trading time, I only traded between 5 and 7 am local time. After that I turned off my phone to start my daily routines. Sometimes I also traded in the evening after I came home from work. God’s will, I will participate in the contest again. In my opinion, there are three success factors in trading: 1.mastering the techniques; 2. controlling the emotions; 3. patience. I only used one technique during the contest and I’ve been using it for about 10 months. I use Fibonacci to be exact. I've been trading Forex for 3 years and so far my capital return is around 30%. So far, I’m not the best yet, but I’m trying to be the best.

Join the winners in OctaFX Champion demo contest Round 60! Just open a new account and start trading!

Become one of OctaFX Champions!

EUR/USD STAYS NEUTRAL BELOW 1.0840 – UOB

In view of FX Strategists at UOB Group, the pair’s outlook remains on the neutral side while below 1.0840.

Key Quotes

“EUR hit a high of 1.0828 yesterday but eased off quickly”.

“As highlighted in recent updates, despite the generally positive undertone, EUR has to close above 1.0840 to indicate the start of a bullish phase”.

“This scenario is not ruled out just yet but the prospect for such a move has dimmed considerably”.

“On the downside, a clear break below 1.0730 would indicate that the positive undertone has eased and this pair is then likely to trade sideways within a broad range”.

WHEN IS NON FARM PAYROLLS AND HOW WILL AFFECT THE MARKETS?

Non Farm Payrolls data is expected to be released at 13:30 GMT. Today, NFP release would be looked upon for clues over the timing of next Fed rate-hike action and would thus, help investors determine the next leg of directional move for the major.

Key Notes

EUR/USD drops to fresh lows near 1.0740, NFP eyed

EUR/USD continues to gravitate near the mid-point of 1.07 handle, pouring cold water on every attempt to the upside amid unnerved markets, as we progress towards the US NFP report release. Currently, the spot trades modestly flat at fresh session lows of 1.0742, retreating from session highs posted at 1.0766 last hour. The main currency pair moves back and forth in a 15-pips narrow, as market remain cautious and refrain from placing any directional bets on EUR/USD heading into the highly-influential US jobs report.

About NFP

The nonfarm payrolls released by the US Department of Labor presents the number of new jobs created during the previous month, in all non-agricultural business. The monthly changes in payrolls can be extremely volatile, due to its high relation with economic policy decisions made by the Central Bank.

OCTAFX: BEST FOREX BROKER EUROPE FOR THE SECOND YEAR IN A ROW!

Since we’ve been nominated for four prestigious titles in Forex Awards 2016, the traders have been voting and proved us to be the Best Forex Broker Europe for the second year in a row! Last year we’ve been recognized for our growing presence in the EU, and this year award makes a wonderful statement for OctaFX – more and more European clients use our excellent service. Nominating brokers for best broker in Europe, experts took into account operational history and reputation, which OctaFX improves every year. We would like to thank you for voting – it inspires the whole company to improve!

We would like to remind you that ForexAwards.com, a Forex-Reatings.com branch provides recognition of FX brokerage companies by thousands of customers. European forex market can be described as one of the best in terms of development and regulation and we are very glad to succsefully operate for the benefit of our European clients.

Stay tuned to know more about year 2016 awards and recognition – the season has just started!

OCTAFX TRADING CONDITIONS PROVED TO BE THE BEST IN YEAR 2016!

In 2016 OctaFX offered a suite of new and enhanced trading conditions and these were recognised as industry leading by FX Report magazine, whose expert analysts evaluate financial institutions globally. OctaFX has also been awarded Best STP Forex broker 2016 by Forex Report magazine, a title we have been awarded for two consecutive years now.

Feedback from clients reflects high levels of appreciation and engagement with our new trading conditions and these have been rapidly acclaimed by industry experts. Forex Report Awards are designed to celebrate the best providers of customer service, industry innovators, and those at the forefront of one of the world’s most competitive markets - all areas in which OctaFX has been recently recognised as a market leader.

Take another look at our award-winning trading conditions:

To view our complete account offering click here.

“OctaFX continues to deliver the ultimate trading environment available in today’s market," commented an OctaFX spokesperson. "Our mission is to continuously improve and to meet the real-time, robust requirements that our traders demand so that they can fulfil their growth-income strategies. We are confident that traders won't be able to find a better online trading opportunity anywhere else.”

Open an account with OctaFX now and enjoy the best trading conditions on the market!

TRADING SCHEDULE CHANGES DUE TO THE SUMMER TIME SHIFT 2017

OctaFX would like to inform you of the changes in the trading schedule due to the summer time shift.

From March 12, 2017, the USA moves to summer time. European countries change to summer time 2 weeks later, March 26, 2017.

In this connection, we alter trading schedule on Fridays, March 17 and 24: trading on all instruments closes at 23:00 (EET, server time).

Trading on all metals (XAGUSD, XAUUSD, XPDUSD, XPTUSD), on XTIUSD, on US30, NAS100 and SPX500 will be open 00:00-23:00 (EET) from March 13 till March 24.

Trading on XBRUSD will be open 02:00-23:00 (EET) from March 13 till March 24.

Please, consider the fact that any open trades upon closure of trading hours will be rolled into the next day.

The schedule will return to normal on March, 27.

We would like to apologize for any inconvenience caused. Please, contact our Customers Support in case you have any questions. If any failures occur, please report immediately to [email protected]

Thank you for choosing OctaFX as your top-notch Forex Broker!

OCTAFX CHAMPION DEMO CONTEST, ROUND 61: PATIENCE PAYS OFF

March is over and Round 61 of the OctaFX Champion Demo Contest is complete. Congratulations to four more traders who shared the prize fund of 1000 USD this month!

1st place with the award of 500 USD goes to Mr Alim from Indonesia
2nd place with the award of 300 USD goes to Mr Ferdariski from Indonesia
3rd place with the award of 100 USD goes to Mr Lisong Zhang from China
The last runner in the contest, Mr Iwan Efendi from Indonesia is granted 100 USD

So, what strategies did these traders use to succeed? Read on to learn about their personal experiences, from spectacular profits to trying and testing a more unique approach.

1ST PLACE: MR ALIM FROM INDONESIA

I’m very happy to have won first place in the OctaFX Champion Demo Contest. I devoted almost all of my time to the contest to ensure I made the right trades at the best prices. I definitely plan to take part in another round. The key is patience when placing a trade and to keep a close eye on the prices. I kept my strategy simple, and I haven’t encountered a significant loss yet. I’m learning a lot right now, but I think it takes around three years to become a successful trader.

2ND PLACE: MR FERDARISKI FROM INDONESIA

Second place?! My results really exceeded my expectations and my hard work during this round paid off. I only made trades when I felt it was the right time to enter the market based on market analysis. I spent time evaluating market conditions to determine the limits of support and resistance lines and used this as a rule when placing positions. Without a doubt, I will participate in future OctaFX contests, I want to repeat this success! My motto is ‘Trade like a sniper, not a machine gun’ and my strategy focussed on inter-market analysis using volume, momentum, and moving average indicators. However, my techniques are far from perfect and there are many other factors that need to be considered in order to minimise loss. I made a spectacular profit with my first transaction in this round (Round 61) - that was my winning momentum. I don’t think you can put a time on how long it takes to become a successful trader, in the words of my mentor, ‘Keep learning, learning prior to success’.

3RD PLACE: MR LISONG ZHANG FROM CHINA

I was very excited when I first found out that I’d won third place in this contest. Big thanks to OctaFX for organising it. In my opinion, OctaFX provides the most powerful, most trustworthy and most promising trading platform compared to other brokers.

I was very focused during the entire contest, especially during the last stage. I’ve taken part in the Champion Demo Contest on multiple previous occasions, but this is my first win. I hope it’s a sign of more success in the future. I think my success in this round was a combination of my analytical skills and a dose of good luck. I decided to close my positions in the last few hours of the contests and fortunately it paid off. My trading strategy involves patience and acting quickly when trading opportunities present themselves. Each trader has his own qualitative trading opportunities. My strategy is quite unique. I’m always improving my analysis techniques and putting them to the test.

I think the journey to becoming a good trader is a long one. The person’s character, knowledge and experience are also important factors. I’ve been on this journey for over four years and I’m still on it.

LAST RUNNER: MR IWAN EFENDI FROM INDONESIA

My motivation to improve risk management tactics and succeed in Round 61 was inspired by the failures I experienced in the previous round. I’ve learned many lessons from this contest, from staying in control to changing my trading style. I was employing the ‘full-lot’ strategy in the hope of becoming a champion, but instead I was experiencing big losses. This time I opened my positions based on the candle patterns so I spent more time focussed on chart analysis. I’ve been learning how to trade for about a year now and I can already notice a difference. But in my opinion, time is not the only measure when it comes to becoming a good trader. Continuous learning is a determining factor in long-term trading success.

Become an OctaFX champion

Join these traders on their trading journey. Keep your eyes on the prize and register today to take part in the next round of the OctaFX Champion Demo Contest.

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