Choosing the Right Forex Broker by David Thorpe

Choosing a right Forex broker is not an easy task, I've trade a lot of before I found several brokers that I can rely on. If your broker isn't fast enough you can miss profitable opportunities, or even lose money due to slippage. David Thorpe's articles is dedicated to this topic - how to chose a Forex broker that will satisfy your trader's needs and won't be to abusive or costly in its services:
Choosing the Right Forex Broker - by David Thorpe

EUR/USD Technical Analysis for the 7/2-7/6 Week

General trend: ranging.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3332	1.3374	1.3458	1.3500	1.3584	1.3626	1.3710

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3385	1.3479	1.3511	1.3605	1.3637

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3473	1.3507	1.3519	1.3530	1.3554	1.3565	1.3577	1.3611

Tom DeMark's Pivot Points:
Resistance:	1.3605
Support:	1.3479

Fibonacci Retracement Levels:
100.0%	1.3542
61.8%	1.3494
50.0%	1.3479
38.2%	1.3464
23.6%	1.3446
0.0%	1.3416

Some Important Data from U.S.

Today some important macroeconomic data came out in United States - final data on GDP and final chain deflator for the first quarter of the 2007. Though this data is very important for Forex markets its neutrality prevented any large affect on the market. GDP came out inside the expected borders - 0.7% which is by 0.1% better than previous value. Chain deflator was slightly higher than expected - 4.2% against 4.0%. Today data on initial jobless claims were also released - 313,000 against 315,00 expected - not much surprise here too. FOMC policy statement will be released today - maybe there will be something in it, that will move Forex market out if its flat condition.

USD Instead of EUR on FXcast Pro

FXcast Forex broker announced today that new accounts created on their Pro trading platform are now will have a basic currency USD. Existing accounts will stays as EUR accounts, but all newly created will be held in USD. All deposits are getting exchanged at the current daily rates.

CMC Markets – Forex Broker with a Sophisticated Trading Platform

CMC Markets is an international Forex broker based in U.S. which offers its own advanced trading platform. This platform is somewhat similar to Metatrader 4 in its main features, but is generally different software incompatible with Metatrader. To start trading with this hi-end software you’ll have to deposit a minimum $2,000 with no e-currency support for deposit/withdrawal. Demo accounts are available, but are limited to 14 days – a rather short term.

FXcast Lowers Minimum for Metatrader Platform

FXcast Forex broker announced that starting from today the minimum account size to use their FXcast Pro trading platform (based on Metatrader 4) is $10. The previous minimum amount was $100.

Dear Partner, we are glad to tell you that we have decreased the minimum deposit for our FXcast Pro platform to 10 USD. Please have in mind that the base currency for this platform is EUR. Due to customer inquiries we plan to change this to USD and we will inform you about the process.

Sinerely Yours,
FXcast Team

It is a good chance for the new traders to get the taste of real Forex without risking hundreds of dollars.

IFX Markets – Good if You are for Contests

IFX Markets is another broker with a ‘Markets’ in its name (strangely, such brokers offers only Forex market trading, without CFD or stocks). IFX Markets offers their clients a custom trading platform which is slightly above average, but can’t be compared to Metatrader 4 in any way. Financial side is quite poor – bank wire and checks for transfers and $500 minimum, with the rudimental trading fees – $1.25 for every 10,000 lot traded (overnight interest is also applied) – are rare thing in modern on-line Forex world. The good side is Forex trading contests which are available for demo accounts – prizes are usually quite generous.

NorthFinance Warns Traders

NorthFinance warns its clients that after July 1st it will stop supporting Metatrader 4 platform versions older than build 200. So, it is about a time to update your Forex trading software if you are trading with NorthFinance. Update can be automatically started on the program startup. Updating your Metatrader 4 platform not only will keep you up to date with NorthFinance, but also will remove some bugs (that are fixed in newer versions) and enhance your experience with expert avisors (that need to be recompiled with almost every build in pre-200 versions).

Bad U.S. Data Don't Bother EUR/USD

Forex seems to be ignoring todays macroeconomic data that came from United States - dollar is almost at the same level (slightly better even) as it was when the week started, a ranging week so far. New home sales disappointed U.S. optimists by showing a decline from 981,000 to 915,000 houses for May, it is even lower than experts expected - 925,000. Consumer confidence - one of the basic indicator of economical growth declined in June compared to May - 103.9 from 108.5, while it was expected to come just a little lower - 106.0. Such bad news for U.S. doesn't add any optimism to USD bulls and can cause some further EUR/USD growth.

IG Markets – a British (Again) Forex Broker with CFD

Great Britain looks to be rich on Forex brokers (probably, because of slightly less hard regulatory environment than U.S., but with great financial possibilities which London City possesses). IG Markets is Forex broker which started as a CFD broker and then added spot Forex trading to its on-line services. You can trade using both java platform and standard downloadable program. But with IG Markets you are limited to 1:50 leverage. The minimum to start trading with them doesn’t bite – moderate $200. Except standard ways of money deposit/withdrawal (bank wire, credit card, check) Moneybookers is also available.

Elliott Waves and Tom DeMark's Trendlines

A new addition to the articles section of the site - one article about Elliott waves theory (and their practical implication) by Joseph Plazo and another about Tom Demark's trendlines (or pivot points) by Michael A. Jones:

Discover Some Magic to Beat The Forex: The Elliott Wave Theory for Forex Markets - Elliott waves are one of the most powerful technical Forex tools; with proper use such indicator can help detect breakouts and currency pairs peaks with a very high accuracy level.

Forex Information: How To Draw DeMark Trendlines - DeMark trendlines are not difficult to understand and use, they might be of help for the basic support/resistance levels on both long and short term charts.

Trade at Man – Forex Broker Not for Beginners

Trade at Man is a British Forex broker (division of a Man Group company) with $10,000 minimum account size and a low leverage – 1:40. Such conditions are looking very unattractive to most Forex traders, especially beginners, who got used to 1:100 leverage with $1 minimum. But they have a newbie-friendly trading platform which is completely insufficient for professionals. So, it is kind of difficult to understand whom are they aiming for. But if you deposit $10,000 with Trade at Man, you’ll be able to trade not only Forex, but also CFD, options and futures with this regulated broker.

MGFOREX – Trading Contests But Limited Trading Control

MGFOREX is a Forex broker that offers its own trading platform for its clients. The main drawdown of this trading software is that it handles positions only in a FIFO (First In First Out) manner – so, if you just cannot close a new position if there is some another position for the same currency pair is still open. On first sight, this shouldn’t be a big problem, because this will limit only positions for the same currency pairs, but having different longevity and hedging position is very important for the professional Forex traders, and this limit will obviously make their life different. As for the good sides of MGFOREX, I can mention – first, Forex trading contests (on demo accounts) and the fact, that Muslims can open no-interest accounts, where overnight interest is removed with fees.

EUR/USD Technical Analysis for the 6/25-6/29 Week

General trend: bearish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3306	1.3339	1.3404	1.3437	1.3502	1.3535	1.3600

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3347	1.3420	1.3445	1.3518	1.3543

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3415	1.3442	1.3451	1.3460	1.3478	1.3487	1.3496	1.3523

Tom DeMark's Pivot Points:
Resistance:	1.3469
Support:	1.3371

Fibonacci Retracement Levels:
100.0%	1.3470
61.8%	1.3433
50.0%	1.3421
38.2%	1.3409
23.6%	1.3395
0.0%	1.3372

EUR/USD Rallies at Trading Week End

Last day of a Forex trading week brought some good results for EUR/USD currency pairs, moving it past 1.3450 level (but still not breaking the recent downtrend). The main reasons of such behavior of EUR/USD can be seen in slightly better than expected April industrial orders which in year-to-year period changed by +12.2% against +8.7% anticipated by experts. Also, Jean-Claude Trichet, President of ECB, spoke about Eurozone economics marking it mostly in very optimistic epithets, that could give Euro bulls some hope for the faster interest rates increase by ECB.

ODL Securities – a No Minimum Broker with a $100 Minimum

ODL Securities is a Metatrader 4 Forex broker that states that you there is no minimum account size as well as no minimum amount to deposit, while the actual minimum is not zero – you’ll have to deposit at least 100$ to open the minimum lot size position available with 1:100 leverage. As to deposit options – traders are limited to credit card, check and bank wire. As with some other Metatrader brokers you can also trade CFD, but with ODL Securities you’ll have to open additional trading account specifically to trade CFD.

EUR/USD Unsure on Mixed Fundamental Data

EUR/USD is still ranging making this week pretty calm compared to some previous weeks which showed us an amazing volatility and trendiness. The main reason for this slow Forex market I can see in the rather neutral economic releases we've seen this week. While the number and the market importance of these releases were relatively low. Today the most important data were initial jobless claims which appeared 14K above expected number - 324K against 314K for the previous period (10K increase). Leading indicators, which usually don't do much for the Forex came 0.1% higher than expected - at the level of 0.3%. Federal Reserve Bank of Philadelphia manufacturers report showed a notable improvement in May.

Another MT4 Broker Hits My List

Royal Forex Trading is a relatively new broker that started its services in the end of 2006. It supports Metatrader 4 trading software, but it has not many features to attract Forex traders - $300 minimum deposit (which is not very low compared to some other brokers) and the fact that it is regulated by NFA and CFTC (which can mean a lot to some people, while be insignificant to others). To start trading with them you’ll need to deposit money with one of the following ways: PayPal, BPS, Wire Transfer, credit cards or check.

Another Still Day for EUR/USD

EUR/USD Forex pair was still today again. Some insignificant volatility didn't even break 15 pips corridor. This day was low on macroeconomic releases, except for major release by the Bank of England - minutes of their latest meeting in June 6 and 7. This publication added some more weight to pound moving GBP/USD slightly higher during the day. Minutes showed that there are two more possible interest rates adjustment for 0.25% by the end of 2007.

Questrade FX – Forex Trading in Your Browser

Questrade FX is a Canadian Forex broker that has a web based (java based) trading platform that allows you to trade just from your browser window. Just like with Oanda or Easy Forex you don’t need to install any additional software – so technically you can trade from any place with a PC, even a local library (though, that wouldn’t be wise for real Forex accounts, because of security problems). Questrade FX is a registered company and accepts only checks and Wire Transfer, but one can start with only $250. A reasonable choice for new traders from U.S. or Canada seeking a web based Forex broker.

Dollar Slow Even After Housing Data

EUR/USD was ranging between 1.3385 and 1.3435 levels undecided - to go for a correction or jump back to the bearish trend which is seen since the first week of May. Such a slow motion in EUR/USD Forex can continue for the whole week. Especially after today's U.S. housing data showed completely no effect on the Forex market. Although, the numbers came out in neutral level compared to the experts' expectations, but they showed a moderate decline compared to previous values.

RCG fxtrader - Heavy-Weight Forex Broker

RCG fxtrader doesn't possess any significant advantages the contemporary Forex brokers try to possess or at least claim. It even has disadvantages that are too unpopular nowadays - no mini Forex (you can start only with a minimum $5,000), no Metatrader 4 support, no other payment options except for Wire Transfer, etc. But the significant part about this Forex broker is that it is founded by a financial company Rosenthal Collins Group, which starts its days from 1922 and, being a registered member of both CFTC and NFA, it offers a great reliability to its clients.

SNC Investments – MT4 Broker with Custom Platform

SNC Investments is a Metatrader Forex broker that allows deposits via Wire Transfer, checks and BPS (Broker Processing Service). They utilize a customized version of MT4 platform; though, it is fully compatible with Metatrader (so the expert advisors should work with it without any problems). You’ll need to deposit a minimum of $500 to start trading with SNC Investments. This broker is registered with CFTC and NFA, but, in my opinion, there is many other brokers which deserve more attention than this one :-).

EUR/USD Technical Analysis for the 6/18-6/22 Week

General trend: ranging.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3178	1.3220	1.3304	1.3346	1.3430	1.3472	1.3556

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3231	1.3324	1.3357	1.3451	1.3483

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3319	1.3353	1.3365	1.3376	1.3400	1.3411	1.3423	1.3457

Tom DeMark's Pivot Points:
Resistance:	1.3451
Support:	1.3325

Fibonacci Retracement Levels:
100.0%	1.3388
61.8%	1.3340
50.0%	1.3325
38.2%	1.3310
23.6%	1.3292
0.0%	1.3262

Euro Rallies as the Fundamentals Are Not In Dollar's Favor

EUR/USD today on Forex rallied high to 1.3380 level as the fundamental indicators from U.S. came below expectations. First, May Core CPI came at 0.1% level, whereas expected value was 0.2% (though, overall CPI was 0.1% higher than expected). Then, Industrial Production showed completely no increase in May which can be very for the U.S. GDP. Industrial Capacity Utilization was also lower than expected - 81.3% against 81.6%. And at last - Michigan University Consumer Sentiments Index (preliminary) decreased in May to 83.7, whereas experts expected 88.0. Such a bad day for the U.S. macroeconomics can be a sign to FOMC, which might start considering interest rates lowering.

Socially Responsible Forex Broker - MIG Investments

MIG Investments is a Forex broker from Switzerland. It is one of the most legally clear broker for the serious traders. I say serious because the minimum account size is $2,000 with the Wire Transfer being the only billing option available. With MIG Investment you can use Metatrader 4 software and trade with their quite competitive spreads. One of the most remarkable thing about this Forex broker is that it shares some of its profits with the UNICEF organization, helping children all over the world. This is indeed a rare occasion that the rich help the poor in such aggressive and speculative industry as Forex trading.

EUR/USD Ranging while Macroeconomics Show No Surprises

Today, Forex was pretty calm for EUR/USD pair with the only spike to 1.3279. But this day was rich on the macroeconomic releases bot from Eurozone and U.S. Though, they were in the bounds of experts' expectation. European CPI came out to be slightly lower than expected in month to month representation. U.S. jobless claims were one thousand lower than expected, but the previous number was revised towards a bit higher value. Producers Price Index in U.S. increased better than expected - 0.9% against 0.6%.

Crown Forex – a Swiss Broker with Metatrader Platform

Crown Forex is a Swiss based Forex broker that supports Metatrader 4 trading software. Though, it greatly limits the use of MT4 expert advisors which almost kills one of the biggest advantages of Metatrader platform. To start trading with Crown Forex you’ll need to deposit a minimum of $300 which can only be transferred via Wire Transfer. But of course you can always try their demo accounts for free.

USD Bullish Trend Continues

EUR/USD continues on its way down and now it is a trend which must be taken to consideration even for long-term Euro bulls. Correction which has seemed to be trying to return EUR/USD back to bullish trend on 04/06 and 05/06 stopped too soon releasing EUR/USD to even deeper lows. Today on Forex EUR/USD reached new low since March and it doesn't seem to be stopping yet. Overall there are some good data from U.S. coming almost everyday. Today - Retail Sales came out to be more than twice as higher as expected - 1.4% against 0.6%, while oil and gas reserves remained on high levels.

Forex Club – a Regulated Forex Broker

Forex Club is a Forex broker that started its on-line business in 2000. It is currently based in New York and registered with National Futures Association. Forex Club doesn’t offer e-gold deposit option or Metatrader platform, but it has its own Forex trading platforms to offer and a very low account minimum - $10. It is a good starting Forex broker for those traders that can easily deposit/withdraw money via banks.

Treasry Reports on Budget while USD at Highs

Today on Forex EUR/USD showed us a moderate decline. Bears were happy to see the new two month low at 1.3312. Ten minutes ago, U.S. Treasury reported its monthly statement about the U.S. budget showing its deficit at 67.7B (billion) level which is an indeed a great sum of money, but slightly lower than predicted by experts - 68.0B. Which might positively affect dollar on Forex.

Real Trade – Forex Broker from Latvia

Real Trade is an established Forex broker based in Latvia which offers international Forex trading services using a Metatrader Forex platform. Aside from that Real Trade clients can deposit and withdraw funds to and from their margin accounts using e-gold and WebMoney (along with a good old Wire Transfer). Overall, Real Trade is a reputable (but more popular with Russian-speaking traders) Forex broker with market presence since 2003.

Forex Trading Using the Long-Term Charts

When it comes to Forex trading it is usually associated intraday trading or more rarely - intraweek trading. This is caused mainly by the high volatility of major currency pairs which makes them potentially profitable in the small amounts of time, while making it too risky in longer terms. Second reason for the short-term Forex trading being more popular is a high leverage margin accounts - 1:100 or even higher – this increases single position risk and profit making it deadly risky in a long term.

Long-term trading in Forex can be defined as deliberate maintaining of open positions for more than a week. Under one week term is still considered a short-term for Forex – position lives through just a few different news releases and is not caused by long-term forecasting. Whereas position which is kept open for several weeks usually lives through some news releases on the same topic (but with different) and thus requires some long-term forecasting and technical analysis on daily/weekly charts.

Success in Forex trading (like in any other financial trading) depends greatly on trader’s psychology and emotions. Some traders are comfortable with fast and exciting (if trading can be exciting) trading style when positions are open and closed within minutes. Others prefer keeping their positions open for several hours – watch them rise or fall and have some time to react to the market moves. Trying to trade in the time periods that don’t suit your character type won’t bring you any profit. To trade successfully one must be emotionally integral and calm. If trader is uncomfortable with intraday or daily trading he needs to try something different. Long-term Forex trading is good for:

1. Traders that don’t have time to sit in front of their terminal for the whole day.
2. Traders that like to spend a lot of time in fundamental or technical analysis.
3. Those that can spend more than one day when it comes to the actual trading decision.

If you feel that you fall into one of the above categories of Forex traders I suggest you at least to try long-term trading. Perhaps, it will dramatically improve your trading results.
The best charts for the long-term trading in Forex market are daily and weekly charts (and other charts of bigger periods). Personally I prefer using a weekly chart for EUR/USD pair, since technical analysis patterns can be clearly seen on such chart (unlike short-term charts that often behave against all possible predictions). Determining a trend or breakout is not hard on the long-term charts usually. But even if a trader fails to recognize a pattern and opens a wrong position he will have many days to close it, and often he will have a chance to close even a bad position with a small profit. Using fundamental analysis in long-term Forex trading isn’t hard too. Trader just needs to analyze general trades in central banks’ interest rates decisions and act according to possible carry trade trends. Long-term trader also shouldn’t forget about general global trends – like oil prices, commodities, political situation and others. Maintaining stop-losses is very important and especially if trader uses high leverage – stop-loss shouldn’t be to far away from the open price. Trailing stop is good, but it should be manual, not automatic. Stop loss moving should be based on the Forex market behavior. Position target should be set according to the trader’s plan – when analyzing the long-term chart it is really not difficult to determine the most probable targets for the currency pair to land.

So, if you think that short-term Forex trading doesn’t posses a good potential for you as a Forex trader – try long-term trading. In Forex it is still good as it is with stocks. Just don’t forget that you are trading with leverage, that main trends are caused by central banks’ interest rates decisions and that stop-loss/target-profit should be placed according to charts technical analysis.

Forex WebTrader

Forex WebTrader is the name of retail Forex broker maintained by Finexo broker. It offers web based trading platform and e-gold deposit – making this broker a good choice for the new traders who want to try themselves at Forex without installing any complicated professional trading software. This broker looks even more attractive because of possibility of mobile trading with PDAs or mobile communicators. But for professional traders this might be insufficient – both in terms of the trading platform and the broker reputation (for which it is too new to have one).

EUR/USD Technical Analysis for the 6/11-6/15 Week

General trend: slightly bearish.

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3045	1.3182	1.3278	1.3415	1.3511	1.3648	1.3744

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3172	1.3257	1.3405	1.3490	1.3638

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3245	1.3309	1.3330	1.3352	1.3394	1.3416	1.3437	1.3501

Tom DeMark's Pivot Points:
Resistance:	1.3580
Support:	1.3347

Fibonacci Retracement Levels:
100.0%	1.3553
61.8%	1.3464
50.0%	1.3437
38.2%	1.3409
23.6%	1.3375
0.0%	1.3320

EUR/USD at Two Months Low

U.S. dollar rallied to its two months low at 1.3320 today. Surprisingly the United States Trade Balance Deficit for April 2007 was reported almost 5 billion dollars lower than predicted $58.5 billion, whereas March Trade Balance Deficit was revised to $62.4 billion (almost a billion lower than previous value). Trade Balance Deficit tightening was caused by both lower import and higher export which is a very good sign for the U.S. economics. But this wasn't the main reason for today's EUR/USD correction, the main reason was the higher yield for U.S. bonds which broke through 5.00% yesterday and now many long term investors need to buy dollars to get into the bonds.

High Street Networking - On-line Forex Broker since 1999

One of the oldest on-line Forex brokers present on the current market - High Street Networking (ForexHSI). It started its website back in 1999 and still remains a meaningful player on the market of retail Forex services. High Street Networking supports deposits via WebMoney and has a very good browser based trading platform available to its clients. Despite of this broker being unregistered with any financial controlling organization, working with such an old and established on-line company is less risky than with one of the money new Forex brokers which are not rare nowadays.

Focus of the Day: BoE Rates and U.S. Jobless Claims

Bank of England voted to maintain its Bank Rate (interest rate) at 5.50% level - unchanged. It wasn't a surprise for Forex traders, but there was a slight possibility of interest rate hike from the BoE, so results are more bearish for the pound. From the United States the Initial Jobless Claims data for the previous week came - 309,000 against 315,00 expected - good result which moved EUR/USD back below 1.3450 level returning to the bearish trend.

New e-gold Broker - Ava FX

Today I am introducing a new Forex broker that allows e-gold deposits (not only, also PayPal, Western Union, credit card and Wire Transfer) - Ava FX. It doesn't support Metatrader platform but it provides traders with its own platform that is claimed to be very easy to use. Good thing about this broker is that it offers bonus on client's deposits - $50 on $100 deposit, $100 on $,1000 and $200 on $10,000.

EUR/USD Unsure after ECB Speaks

Today on 13:30 (UTC) ECB statement was released as the interest rates in the Eurozone were increased by 0.25% to 4.00% as expected. Jean-Claude Trichet spoke about current and expected situations in European economy and the main lines can be concluded in the following: economy is growing at a fast pace (better than expected), while inflation remains strong (because of oil prices) and the price index will be in ECB main view. This can lead to a conclusion that rates can be increased in near future. Despite of this, EUR/USD Forex pair continues its floating around 1.3500 level going nowhere for now.

New Payment Options on Marketiva

Marketiva Forex broker now accepts WebMoney and E-Dinar web currencies as the payment options. This is a very wise step from their management team, since WebMoney is the most popular e-currency in Russia (with many potential Forex traders) and E-Dinar is a promising e-currency with a great potential in the Middle East and Asia.

Finexo Forex Broker

Finexo - interesting broker that provides Forex, stocks, futures and metals trading accounts. You can trade either through their full stand-alone trading platform or through web based terminal, which allows trading from practically anywhere. Mini Forex trading is also available with the minimum account size of $100, but you'll need to deposit it via credit card since neither e-gold nor any other web based currency is supported. Finexo definitely is a Forex broker you can trust - it began operating on-line back in 2004 and still provides first class trading services.

EUR/USD Surprising Peak

Forex market today brought another surprise to the traders as the USD unexpectedly fell to 3 weeks low on mixed data from Eurozone. While some major macroeconomic indicators failed to show any good data for the Eurozone, EUR/USD reached 1.3553. Although it's rolled back pretty fast, EUR/USD is still traded above 1.3500 (which was a strong resistance level and now is a support level). ISM Services index from U.S. came a lot better than expected - 59.7% against 55.5% expected - this factor might play its role in returning USD to bullish trend, but that would be difficult task to accomplish.

FXcast - e-gold Forex Broker with Metatrader 4 Platform

Another e-gold Forex broker with a low minimum account ($1) and e-gold deposit option added to Forex brokers list. FXcast - a quite new broker in the on-line market. It also supports Metatrader platform (for accounts starting from $100) and a very high margin leverage (up to 1:400). One of the major drawdowns for this broker is that it is completely unregulated. But still - good choice for the new Forex traders who store their funds in e-gold or WebMoney.

Tough Times for USD

Today were not the best times for USD bulls as the Factory Orders indicator increased only by 0.3% (against 0.6% expected). Low growth of manufacturing orders means a slower growth of overall economy, while U.S. economy is already slow as a turtle with 2007 GDP estimated at around 1%. Such bad macroeconomic data will push EUR/USD up, even if technical analysis will cry for a correction. On the other side, previous Factory Orders indicator was revised towards better side - 4.1% from 3.5% which might cause some support for dollar on Forex.

Dukascopy Forex Broker

Welcome a new ECN Forex broker aboard - Dukascopy. It is one of the most notable Forex broker, but it is generally unknown to common retail Forex traders because of its extremely high minimum account - $50,000. One of the greatest advantages Dukascopy clients get for such high requirements is the ability to trade in their Swiss FX Marketpalce - a ECN of brokers, banks and large retail traders with high liquidity and low spreads. And second - hi-end Forex trading software (with web-based Forex trading support).

EUR/USD Technical Analysis for 6/4-6/8 Week

Floor Pivot Points:
3rd Sup	2nd Sup	1st Sup	Pivot	1st Res	2nd Res	3rd Res
1.3260	1.3326	1.3387	1.3453	1.3514	1.3580	1.3641

Woodie's Pivot Points:
2nd Sup	1st Sup	Pivot	1st Res	2nd Res
1.3325	1.3385	1.3452	1.3512	1.3579

Camarilla Pivot Points:
4th Sup	3rd Sup	2nd Sup	1st Sup	1st Res	2nd Res	3rd Res	4th Res
1.3378	1.3413	1.3425	1.3436	1.3460	1.3471	1.3483	1.3518

Tom DeMark's Pivot Points:
Resistance:	1.3547
Support:	1.3420

Fibonacci Retracement Levels:
100.0%	1.3519
61.8%	1.3470
50.0%	1.3456
38.2%	1.3441
23.6%	1.3422
0.0%	1.3392

EUR/USD Bearish after Fundamental News

EUR/USD broke through 1.3400 today on Forex market - showing a new 7-week low. Good macroeconomic data from U.S. was the reason for this break-through. Nonfarm payrolls - a major employment indicator of the U.S. economy - increased by 157,000 in May (22 thousands more than expected), while ISM Index - reported an increase by 0.3% up to 55.0% (against 54.0% expected). ISM Index means a lot in the U.S. economy because it describes its most powerful industries, and greatly influences FOMC rate decisions. Now it is quite possible to see an increase in U.S. interest rates by 0.25% this Fall, in my opinion.