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EURUSD
The European currency is trading with multidirectional dynamics, consolidating near 0.9800. Investors are in no hurry to open new trading positions at the end of the week, but the euro may develop a corrective momentum. The last two trading sessions, the instrument shows a moderate increase, which allowed the EUR/USD pair to retreat from record lows around 0.9530. At the same time, the macroeconomic background from Europe remains negative, and investors are concerned about the rapid slowdown in the region's economy. In Germany, the Consumer Price Index in September rose from 7.9% to 10.0% in annual terms, while markets expected an increase to only 9.4%, and in monthly terms, the figure accelerated from 0.3% to 1.9% , also well ahead of forecasts at 1.3%. The Harmonized Consumer Price Index for the same period rose from 8.8% to 10.9%, contrary to expectations at 10.0%. Additional pressure on quotes was exerted by data on the eurozone: Economic Sentiment Indicator in September decreased from 97.3 points to 93.7 points with a forecast of 95.0 points, and the Services Sentiment indicator for the same period fell from 8.1 points to 4.9 points with expectations of correction only up to 7.0 points.

GBPUSD
The British pound shows mixed dynamics, consolidating near 1.1100. For the last two trading days, the GBP/USD pair has been showing moderate growth, which so far fits into the technical correction after the collapse on September 23 and 26. Significant pressure on the positions of the British currency is exerted by investors' fears regarding the fiscal policy of the new British Prime Minister Liz Truss. Earlier, the official stepped up her rhetoric about the need for tax cuts, while the UK monetary authorities are hastily trying to restore liquidity in the market. However, interventions by the British regulator are unlikely to help significantly improve or somehow change the current situation on the market. This can only provide short-term support for the pound, while the fight against high inflation only becomes more difficult. The focus of investors today is a block of data from the UK on the dynamics of Gross Domestic Product (GDP) for the second quarter: on a quarterly basis, the figure fell from 0.8% to 0.2%, and on an annualized basis it decreased from 8.7% to 4.4%.

XAUUSD
Gold prices practically do not change, consolidating near local highs of September 23 and the level of 1665.00. Notable pressure on the XAU/USD pair is exerted by the rising yield of US government bonds in response to increased market worries about the prospects for global economic growth. Yesterday, the yield of ten-year Treasury securities rose to 3.768% from 3.707% shown at the previous auction. In addition, investors are reacting to signals from the US Federal Reserve about a further increase in interest rates, which so far does not harm the national economy too much. The American regulator, unlike many other world central banks, does not have to worry about the exchange rate of its national currency. Today, investors are waiting for the publication of a block of statistics on the levels of Personal Spending and Income of US households for August.
 

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EURUSD
The European currency shows mixed dynamics of trading against the US dollar during the Asian session, consolidating near local highs, updated at the end of last week. Then the euro managed to develop corrective growth, as a result of which the EUR/USD pair updated local highs from September 22, rising slightly above 0.9850. Meanwhile, the macroeconomic and news background in the EU remains predominantly negative. Investors are evaluating the prospects for the development of the energy crisis against the backdrop of the heating season, which started on October 1, as well as the possibility of the subsequent operation of the Nord Stream gas pipeline. Last Friday, the focus of traders was macroeconomic statistics from the eurozone: the Consumer Price Index in September showed an increase to a new psychological level of 10.0%, while analysts expected an increase of only up to 9.7%, and in August inflation was fixed at 9.1%. On a monthly basis, the value accelerated from 0.6% to 1.2%. Macroeconomic data, however, further strengthened investor confidence that the European Central Bank (ECB) will intensify its "hawkish" rhetoric on the issue of further interest rate hikes.

GBPUSD
The pound is retreating from new local highs of September 23, updated at the end of last week, testing the level of 1.1100 for a breakdown. After a short corrective growth, largely due to technical factors, the British currency is again returning to decline against the backdrop of a difficult situation in the national economy. The newly elected government, led by Liz Truss, is trying to offset the effects of the energy crisis and the growing discontent of the citizens, proposing a plan to massively reduce the fiscal burden on households, but analysts fear that this could lead to a sharp increase in government borrowing and collapse the pound even more. The Bank of England met the government's proposals with great skepticism and was forced to announce foreign exchange interventions in order to support the pound. The International Monetary Fund (IMF) was also critical, noting that such measures could cause a sharp rise in inflation. In addition, the plan to change the fiscal burden will mostly affect wealthy Britons. Also, Truss intends to implement a program to subsidize electricity and heating bills. According to experts, such measures could cost the country's budget an additional 100.0 billion pounds.

Gold
Quotes of the XAUUSD pair are holding near the level of 1660.0, receiving moderate support from the corrective weakening of the US dollar at the end of last week, but the "bulls" still remained under pressure. In addition, gold is still reacting negatively to the rising yields of US government bonds. It is likely that this week the precious metal will return to the downward plane, as the world's leading financial regulators continue their policy of tightening monetary conditions. On Tuesday, October 4, a meeting of the Reserve Bank of Australia will be held, which may adjust the interest rate from 2.35% to 2.85%, and the next day, officials of the Reserve Bank of New Zealand will probably increase the rate from 3.0% to 3.5%. At the end of the week, investors will be watching the rhetoric of the representatives of the European Central Bank (ECB) and the Bank of England, hoping to hear plans for further tightening of monetary policy against the background of increased inflation to 10.0% in the EU. It is worth noting the high interest in gold from British investors after the plan announced by the national Ministry of Finance to reduce the fiscal burden in the context of the energy crisis. Long positions in the asset contrast sharply with the "bearish" sentiment in the precious metals market, as XAU/USD quotes have lost 11% since the beginning of the year, which was facilitated by the "hawkish" policy of the US Federal Reserve. However, the precious metals' status as a hedge against inflation and currency depreciation keeps high demand from retail investors.
 

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BTCUSD - Long-term market pressures persist

The BTCUSD pair has been trading in the main range 19800−18750for more than two weeks: last week, the quotes of "digital gold" actively tested its upper limit, but could not consolidate higher and resumed the decline.

 

In general, the instrument remains under the influence of long-term negative factors. The continued increase in interest rates by the US Fed, the constant expectation of tighter regulation of the cryptocurrency market in the world's leading economies, the growth of geopolitical risks and the high probability of a global economic recession make digital assets less attractive to institutional investors. Moreover, recently there has been a tendency to decrease the popularity of cryptocurrencies among ordinary market participants. So, according to the latest Bankrate survey conducted among American youth, no more than 30% of respondents were interested in cryptocurrencies this year, while in 2020 this figure reached 50%. Experts believe that then the interest was primarily related to the rise in prices of digital assets and the possibility of quick earnings, the probability of which has sharply decreased in the current conditions. 

 

 

Technically, the key for the "bears" remains the mark of 18750 (Murray [0/8]) at the lower border of the trading range, consolidation below which will allow the quotes to continue the downward movement to the levels of 17800 (June lows), 17187.5 (Murray [-2/8]), 16900 (Fibo extension 100.00). The most important for the "bulls" is the 19800 mark. If the price consolidates above it, the recovery of the positions of the trading instrument may begin in the area of 21093.75 (Murray [3/8]), 21875 (Murray [4/8]).

 

Resistance levels: 19800, 21093.75, 21875 | Support levels: 18750, 17800, 17187.5, 16900

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Solid ECN - Account Types

Solid ECN gives multiple account types on the MetaTrader 5 trading platform to help individuals and corporate customers to exchange Forex and Derivatives online.

All Retail, associates, and White-Label clients have the possibility to access various spreads and liquidity via state-of-the-art automatic trading platforms. Solid ECN grants an exceptional type of account options that clients can choose to experience a tailored trading experience that perfectly fills their needs. 

United with excellent trading conditions and lightning-fast execution, Solid ECN provides all the tools and aids required for clients of any level to accomplish their trading goals. Whether you’re a casual trader or experienced investor, Solid ECN offers an extensive range of account options. Through our true ECN accounts, we’re able to deliver spreads from 0 pips and millisecond execution against best bid / ask prices—all with world-class customer service.

	Min Deposit	Max Leverage	Min Spread	Fee
Micro	$5	1:1000	2 pips	No
Standard	$10	1:1000	0.2 pips	No
Swap Free	$10	1:1000	0.2 pips	No
ECN	$10	1:1000	0	$2

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ETHUSD - Trading within the mid-term descending channel

This week, the quotes are trying to test the upper limit of the channel, but so far they are being held back by the middle line of the Bollinger Bands. If the price consolidates above the level of 1375, the growth may continue to the levels of 1450.00 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%), otherwise it is likely that the downward dynamics will resume and the price will return to the lower limit of the 1250 range, as well as the continuation of the movement of cryptocurrency quotes to the levels of 1125 (Murray [1/8]), 1000 (Murray [0/8]).

Despite the temporary consolidation of prices, the downward trend in the ETHUSD pair persists, which is confirmed by the downward reversal of the Bollinger Bands, however, the upward movement of the Stochastic and shrinking of the MACD histogram in the negative zone do not exclude the development of an upward correction, but its potential is seen to be limited.  

Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000

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Solid ECN Affiliate Program

Become part of the Solid ECN Affiliate Program and be a member of one of the most profitable affiliate programs globally. Start earning a tangible income from your existing traffic. With an affiliate program that grants the highest conversion rates, an extensive generous payment plan with the highest commission percentage available, Solid ECN is your safe trustworthy companion. 

At Solid ECN we enable our affiliates by offering technology, support, and tailored tools (including banners and widgets) to have a world-class, hassle-free experience!

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Solid ECN - Negative Balance Protection

Volatility often occurs in the market. Solid ECN has always been committed to the highest standards.

With the Solid-Shied feature, the traders don’t have to worry about having a negative balance with Solid ECN. This means that even under highly volatile situations when margin calls and stop-outs do not function accurately, no client with Solid ECN is responsible for paying back a negative balance.

Solid-Shield automatically adjusts the balance to zero in case it becomes negative after a stop-out. The process of reset is automatic.

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Solid-ECN Account

Solid ECN is a non-dealing desk broker, meaning that we do not carry-on order flow to market makers. Rather, we match participants in a trade electronically and pass the orders to liquidity providers. As a true ECN broker, we facilitate trades for engaged investors across the ECN.

The technology behind Solid ECN provides for quicker executions and tighter spreads with higher leverage and greater transparency.

We try to take the required steps to assure your funds are safe, along with the immense level of protection over them. That is why all our traders' funds are independently managed from our own and held in segregated accounts in Tier 1 international banks.

• Execution speed - Approach to liquid markets guaranteeing direct market access and agile fills.
• Transparency - No price manipulation, no stop hunting, no decrease in leverage, and no hidden commission.
• Trading hours - Trade Forex, and commodities 24/5, and Cryptocurrencies 24/7 from the MetaTrader 5 platform.
• Leverage - Unlimited profit upon you with a wide selection of leverage from 1:1 to 1:1000 to trade CFDs. Manage the risks as you go.
• Scalping - Fast order executions and small spreads allow Solid ECN to become a safe house for high-volume scalping strategies.
• Hedge - Beat the inflation or reduce your losses with opening one or more trades that offset an existing position.

Solid ECN brings vital advantages for forex traders in the US, EU, and beyond. High levels of market transparency mean price manipulation is not feasible.

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EURUSD
The European currency shows mixed trading dynamics, consolidating near 0.9730. Market activity remains relatively low as US stock exchanges are closed for Columbus Day. The single currency noticeably weakened in the second half of last week after the publication of Friday's report on the US labor market, which confirmed the commitment of the US Federal Reserve to the course of further tightening of monetary policy. Thus, in September, 263.0 thousand new jobs were created after 315.0 thousand recorded in the previous month. Analysts had expected growth of the indicator by only 250.0 thousand. At the same time, the Average Hourly Earnings in September maintained a monthly growth rate of 0.3%, but slowed down in annual terms from 5.2% to 5.0%. At the same time, the Unemployment Rate fell from 3.7% to 3.5%, while investors did not expect any changes. Weak macroeconomic statistics from Germany put additional pressure on the instrument. Retail Sales fell 1.3% in August after increasing 1.9% a month earlier, while analysts had expected a decline of 1.0%. In annual terms, the decline in sales accelerated from -2.6% to -4.3%, which turned out to be slightly better than experts' forecasts at the level of -5.1%.

GBPUSD
The British pound is trading with multidirectional dynamics, holding near the level of 1.1070. The "bears" took a break after a three-day decline in the instrument, which did not allow the GBP/USD pair to consolidate on new local highs from September 15. In turn, the pound remains under pressure after the publication of a rather strong report on the US labor market for September last Friday, which strengthened investor confidence that the US Federal Reserve will continue its policy of raising interest rates. However, the pace of monetary tightening is likely to depend on the specific situation at any given moment. Investors also expect tomorrow's publication of the report on the UK labor market for August-September. Forecasts suggest that the Average Hourly Earnings excluding Bonus in August could accelerate from 5.2% to 5.3%. At the same time, the Unemployment Rate is likely to remain at the same level of 3.6%, and the Claimant Count in September may fall sharply by 11.4 thousand after rising by 6.3 thousand in the previous month.

XAUUSD
Gold prices are falling at the beginning of the week, developing a "bearish" momentum, formed in the middle of last week, when the instrument updated its local highs from September 12. Pressure on the quotes of the XAU/USD pair is exerted by a strong report on the US labor market published at the end of last week, which gives the US Federal Reserve a certain degree of freedom in the matter of further tightening of monetary policy. The report showed a decrease in the Unemployment Rate from 3.7% in August to 3.5% in September, while Nonfarm Payrolls increased by 263.0 thousand, which was slightly better than the expected 250.0 thousand. According to CME Group surveys, more than 80% of analysts expect the US Federal Reserve to raise the rate by another 0.75% in early November, and about 18% believe that the value will be adjusted by 0.50%. Pressure on gold is also exerted by the actions of other global regulators. In particular, the Bank of England and the European Central Bank (ECB) are also set to continue aggressively raising interest rates as inflationary pressures intensify in the regions.

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BTCUSD - Monetary factors put pressure on the crypto market

The trading instrument is testing the middle line of Bollinger bands around 19400, consolidation below which will give the prospect of further decline to 18750 (Murrey [0/8]), 18000 (Murrey [–1/8]), 16900 (Fibonacci extension 100). The key "bullish" level is 20312.5 (Murrey [2/8], the upper line of Bollinger bands). If it is broken upwards, the price will be able to leave the downwards channel and rise to 21093.75 (Murrey [3/8]) and 21875 (Murrey [4/8]).

Resistance levels: 20312.5, 21093.75, 21875 | Support levels: 19400, 18750, 18000, 16900

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One of the essentials in trading forex and other leveraged products is having more margin. It is a common and rookie mistake to trade in a high volatility market such as cryptocurrencies with a low balance.

Solid ECN has a backup plan for its customers. We boost deposits by %30 and it is up to $1,000 per account. All profits are free for withdrawal. Where most companies remove the bonuses on stop-out and margin calls, the given credit at Solid ECN is %100 tradeable, and it can be lost.

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ETHUSD - Murray analysis

The ETHUSD pair continues to trade within the mid-term descending channel. Currently, the decline has slowed down as the price has formed a sideways range of 1375 - 1250 (Murray [3/8]-[2/8]), in which it has been for more than three weeks.

This week, the quotes are approaching the lower limit of the 1250 range, with consolidation below which further downward dynamics to the levels of 1125 (Murray [1/8]) and 1000 (Murray [0/8]) is possible. The 1375 mark remains key for the "bulls", its breakout will give the prospect of growth to the levels of 1450 (Fibo retracement 50.0%), 1500 (Murray [4/8]) and 1575 (Fibo retracement 38.2%).

Resistance levels: 1375, 1450, 1500, 1575 | Support levels: 1250, 1125, 1000

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Sterling rebounds as dollar stalls

Sterling gained ground in European trade, holding above two-week lows against dollar despite ongoing negative pressures on the currency after recent statements by BoE Governor, and negative GDP data. The greenback gave up two-week highs on profit-taking ahead of US producer prices data later today and consumer prices data tomorrow. 

GBPUSD rose 0.8% to 1.1057, with the lowest since September at 1.0922, after losing 0.8% yesterday, the fifth loss in a row. 

Andrew Bailey
Bank of England Governor Andrew Bailey said the BoE will end its emergency bonds purchases program next Friday, and asked pension funds managers to rebalance the positions accordingly. The BoE launched an emergency program on September 28 to purchase long-term UK treasury bonds to restore balance and support the market and great volatility back then. 

Contraction
Earlier UK data showed the GDP contracted monthly in August by the worst pace in 19 months, hurting risk appetite once more. Such negative outlook for the economy cut chances of a 1% rate hike by the BoE in November. 

The Dollar
The dollar index fell 0.2% on Wednesday off two-week highs at 113.59 on active profit taking against a basket of major rivals. Now investors await important US producer prices data for September, which will offer clues on inflation and will help guide Federal Reserve's policies. 
 

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Solid ECN Solution for Inflation

We have inflation concerns at Solid ECN Securities. Therefore, we came up with an ultimate solution by providing multiple wallets to our customers. They can save their assets, investments, and profits in the most demanded currencies and cryptos.

• Euro wallet
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Feel free to open an account with Solid ECN, the best place to trade Forex, Commodities, Indices and cryptocurrencies.

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Solid ECN - %30 Deposit Bonus

One of the essentials in trading forex and other leveraged products is having more margin. It is a common and rookie mistake to trade in a high volatility market such as cryptocurrencies with a low balance.

Solid ECN has a backup plan for its customers. We boost deposits by %30 and it is up to $1,000 per account. All profits are free for withdrawal. Where most companies remove the bonuses on stop-out and margin calls, the given credit at Solid ECN is %100 tradeable, and it can be lost.

Solid ECN buys itself %30 more risks to make sure the clients are trading with more confidence. Try us today, and let us know about your trading experiences with us.

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Dollar climbs after a batch of US data

Dollar rose against major currencies on Friday, bolstering the gains following a batch of new data.  

• The data showed retail sales were flat last month, while analysts expected a 0.2% rise. 
• Core sales rose 0.1% last month, beating estimates of a 0.1% dip.
• Michigan\Reuters consumer confidence index rose to 59.8 in October from 58.6 in September.
• Recent data this week showed consumer prices rose 8.2% in September, while analysts expected 8.1%, and compared to 8.3% in August. 

Such data bolsters the case for aggressive policy tightening and rate hikes by the Fed, which threatens a global recession.

The dollar index rose 0.8% to 113.2 as of 17:56 GMT, with a session-high at 113.4, and a low at 112.1.