Though we saw tons of signals from both EUR/USD and GBP/USD, this forex trend catcher system only caught a few pips throughout the week. Here are the details!
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EUR/USD was on a steady downtrend for most of the week, thanks to countless Eurogroup meetings without really any announcements on what the region’s leaders are planning for Greece. It also didn’t help that concerns over China’s equities markets crept back in the markets. The system was lucky to catch a 67-pip move from signal #6, which contributed to a net of 50 pips from EUR/USD by the end of the week.
GBP/USD wasn’t as lucky in the direction department. The pair popped higher on a hawkish speech from Carney, but soon went back to its tight ranges when weaker-than-expected reports from the European region countered slight dollar weakness. A 14-pip gain came from signal #7, which helped counter the system’s fakeouts and contributed to the net 13-pip gain from the pair by the end of the week.