Foreign Exchange Forecast
Looking at a foreign exchange forecast can help you see what others predict will happen in the Forex market. While they aren't always right, they give you an idea of market sentiment.
Forex Insight Tool
The tool above is a handy little device that gives you an idea of where each of the major currency pairs are headed. When you get involved in Forex trading, you should not always follow the masses, but this gives you an idea of what some of the best traders are doing.
This tool shows you what 1000 of the best traders at eToro are doing in regards to the major currency pairs. It tells you whether they are buying or selling a particular pair. You can bookmark this page and check back with it before placing a trade to make sure that you are going with the trend.
What is a Forecast?
In many of the Forex market news resources out there, the experts give you a dailyforecasts of the Forex market. This might provide you with information such as a recommendation to buy the GBP/USD or sell the EUR/CHF pair.
This information is typically based on market sentiment and what the expert believes will happen in the near future. It does not necessarily mean that you could not do the opposite and still make some pips. It usually just means that over the long-term, the expert believes the market will head in that direction.
How to Use
Anytime you look at resources like this, it is important to take them in context with your own research and indicators. If you are trading a long-term trading strategy, it can be helpful to check these resources to see where others think the trend is going. Your system may not always be right and if you are unsure, this can be a valuable resource.
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