What is Forex?
Forex, also known as foreign exchange, FX or currency trading, is a decentralized global market where all the world's currencies trade. The forex market is the largest, most liquid market in the world with an average daily trading volume exceeding $5 trillion. There is no central exchange as it trades over the counter. Forex trading allows you to buy and sell currencies, similar to stock trading except you can do it 24 hours a day, five days a week, you have access to margin trading, and you gain exposure to international markets. For a more in-depth introduction to the forex market, get FXCM's New to Forex Trading Guide.
EUR/USD Resists at Prior Bear Flag Support Post-NFP
December Non-Farm Payrolls were released in the United States, and the headline print came in below expectations, but wage growth printed stronger at 2.9% versus an expectation for 2.5%.
- The U.S. Dollar’s blistering up-trend finally took a break this week, with price action breaking below support. But short-term price action hasn’t yet turned bullish, as we’ve just made a lower-low and have yet to see a ‘higher-high’ on the hourly chart.