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Last week we finished with +210 pips which brought our yearly total to +2470 pips. We had couple of slow weeks in the recent past after the EQ in Japan and we went into capital preservation mode to avoid any sharp drawdown in equity mainly due to Bank Interventions.

I am also excited to announce our new CandleTick Expert Advisor. This MT4 EA is same as our other EAs, it doesn’t generate signals on its own but rather we enter each trades manually on our server which are read and executed automatically by EA on your MT4 platform. It then manages trades until completion. It is completely hands free and does not require any manual trading on your end. All you have to do is to leave it running on your PC/VPS 24 hours a day.

Another great thing about this EA is that it will take trades outside Live Trading Room hours as well. I actively look for trades and participate in market 12-14 hours every day, all trades will be sent via EA.

To get this EA you need to be a paid (Live Plus/Elite/Elite Plus) or Trial member. If you are already a member then download EA from members area after you log in into the website. Once you have installed the EA, email support@firepips.com with your MT4 account number even if you have already done that in the past.

EURUSD is at interesting crossroads and good time to analyze this pair both technically and fundamentally.

Before you read further I want to give you heads up on upcoming announcements about CandleTick EA and April Offer, look out for my email update soon.

Technical analysis of weekly EURUSD chart shows that price failed to break above the trendline and bounced lower from 1. 4265.  For price to make new highs it is important for price to break and close above this trendline

On EURUSD daily chart we can see how price failed to close above the resistance level at 1.4250. Price is likely to move lower towards the rising trendline.

Widely expected Interest rate decision from European Central Bank is due to come out on Thursday’s meeting. ECB is likely to raise rates by 25 basis points which currently stands at 1%. Future rate hikes later in the year are also on the cards.

Important point to note here is that EURUSD has already risen fair bit against USD and Yen this year and market seems reluctant in buying more before the ECB meeting.

Look for shorts until trendline and Support at 1.4080. Longs can be taken after price reach 1.4080 or if price close above 1.4250