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The month of May could be interesting for the Australian dollar, as we have seen a lot of bearish pressure on it.

Gold markets rallied a bit during the trading session on Tuesday, breaking above the top of the highs from Monday.

The S&P 500 has rallied again during the trading session on Friday after the jobs number came out.

The WTI Crude Oil market broke down rather significantly during trading on Friday as the jobs number came out much weaker than anticipated.

The EUR/USD pair rallied on Thursday as we continue to see strength in the Euro overall. The British pound rallied during the day on Thursday, as we bounced off the downtrend line during the previous session.

Last week, ECB's Governing Council did reduce refinancing rates from 0.75% to 0.5% while deposit rates remain untouched at 0.0%. However, ECB President Mario Draghi left room for negative rates by saying "we stand ready to act if needed."

After the Asian markets opened, Euro received a strong bullish impetus based on news coming from Italy. The newly (s)elected Prime Minister Enrico Letta has quickly settled to the task of governance by appointing 21 cabinet ministers and members of government. Get the analysis for the EUR/USD here.

For the previous week, the Euro rose to an eight-week high before later crashing and ending the week lower. Italy’s inability to form a government since February’s election cliffhanger is one major reason. Get the analysis for the EUR/USD here.

All through last week, the Canadian dollar held firm against the Euro after its recent losses. The losses came on the back of rumors that plans to bolster Europe’s financial system is now weakening. Get the analysis for the EUR/CAD pair here.

After the European Central Bank’s meeting last week with some influence from Japan’s fresh stimulus injection, EUR/AUD gained much strength to counter its recent downward trend. Get the weekly outlook for this pair here.