PFX Global just recently launched their free Forex Essential course and I have quickly glanced over the material and found it quite useful for the those in between the beginner-intermediate stages.  This in conjunction with the education from BabyPips.com should be sufficient enough to cover all the basis of a good foundation.

As expected, both the European Central Bank and Bank of England kept their interest rates changed at 4% and 5.25% respectively.  ECB President Trichet signalled that strong upward pressure on inflation will remain their central focus which boads well for the appreciation of the Euro.  The USD continued its downward spiral into oblivian with more bad news of write downs and here is 5 reasons why it will continue.

Positions:

My second portion of the open EUR/GBP position is only up +2 pips at the moment and was very close from hitting my stop loss which would have resulted in an -9 pip loss but I will leave it open as it is trading in a narrow range especially given the Euros strength.

I also opened a second position on EUR/USD after the interest rate announcement with a smaller than usual lot size and it is currently up +84 pips and am looking to exit before the 1.500 area however if there is a lot of resistance at the 1.5400, I may well cash out early.

EUR-USD, March 6





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