February 2nd, 12:22 pm by Barbara Zigah
(eToro Blog) The Euro’s resilience and tenacity is bit of a marvel to some analysts, and certainly quite a few traders. OpenBook guru pyruss is one trader who can clearly benefit from the currency’s volatility, given the dozens of open positions on either side of the EUR/USD pair. It’s a certainty that at some time during any given trading day, this trader is sure to have a win on one of his open trades. A review of his trading history over the past 24-hours reveals that this busy guru, who is closing in on 400 copiers, had opened three new trades, placed orders for another 13 and profitably closed 14 existing trades.
Trader anubis911 zeroed in on this rally and made the most of the Euro’s bounce; within the past hour this trader has opened and then closed a handful of long positions in the Euro-Dollar, recording gains ranging from 36% to 88%.
Yesterday’s early morning drop in the European session gave way, ushered in by unexpectedly improved PMI data; the rally continued on as PMI data in the U.S. was released which suggested that, in spite of the Eurozone mess, a global recovery might just be possible. The data not only helped to push up the Euro, but whetted investors’ appetite for risk and gave a boost to other commodity-linked currencies.
Incongruously, gold prices edged higher rising to nearly $1750 per ounce and touched on an 8-week high; trading on OpenBook has been brisk with sells outnumbering buys by 19 to 5. Trader Damir100 bucked the trend, however, and closed several longs with varying degrees of success, with an average 13% return. Trader Foddam03 is currently sitting on a long gold position which is 22% ahead, but this trader’s TP at 1888 has quite a ways to go. Analysts expect gold to remain highly volatile, however, until the Greek situation reaches an accord, one way or the other.
In the hours ahead, traders will watch for the Eurozone’s PPI data for December and analysts expect it to show that input price inflation fell to 4.4% from 5.3%.
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