What are EURUSD signals and how do they work?
Both EUR and USD are amongst the top currencies and make up a huge chunk of the forex market. When combined together, the pair is not only highly liquid but also an extremely profitable currency pair. Although, in order to benefit from EURUSD, you must know when and how to trade the currencies.
EURUSD forex signals are trading indications sent by Forex experts as a result of thorough market analysis & research. FX signal providers study the market thoroughly and carry out financial and technical analysis to ensure their signals have a high accuracy rate. Some FX signal providers also use algorithms to detect reliable trading opportunities, then analyse the signals based on market trends before sending them to their followers.
For instance, FXGrowth is a forex signal provider that has designed an algorithm with the help of market experts. Thanks to the systematic algorithm put in place, their signals have an accuracy rate of over 70%, making them one of the best signal providers on Telegram.
Understanding the factors that affect EURUSD
The forex market is highly volatile as many factors can affect major currencies, including EUR & USD. A few of the many factors that affect the value of EURUSD are the interest rate differential between the European Central Bank & the Federal Reserve. A simple example is that when the Fed takes action in the market towards strengthening the USD, the EURUSD cross could decline. Similarly, ongoing news has a strong impact on the currency pair as well. If there’s bad news in the European Union, the Euro is likely to fall in value.
So, to find investment opportunities while trading the EURUSD pair, it’s essential that you track the economy, ongoing news, political news and environmental factors as well. Signal providers follow market trends and remain up to date with economic and political news in order to develop and share signals with a high level of accuracy. Since there are so many things to take into consideration while trading a currency pair, such as EURUSD, seeking support and relevant tools from signal providers is highly beneficial.
What to look for in the best Forex signals
The market is currently flooded with forex signal providers, and hunting down credible signal providers can be a hassle. Between quality signal providers that offer great value to investors, there are several scammers as well. To ensure that you choose the best forex signals for your investment journey, here are a number of considerations you must make:
Does the signal provider have good online reviews?
The first indication of a signal provider is reliable or not are the online declarations and reviews that you find. If you simply enter the name of the signal provider on Google’s search bar, you’ll be given a range of results through which you could judge the signal provider’s reputation. Take your time while going through several EURUSD forex signals reviews and carefully analyse user declarations until you’re satisfied.
Does the signal provider offer regular signals?
Most top signal providers will share signals with more regularity. Getting a single signal per day isn’t enough if you’re serious about your investment journey, as it leaves you with little space to pick & choose. Make sure you sign up with a signal provider who not only has a high accuracy rate but also shares a minimum of 3-5 signals daily. Some of the top signal providers offer users up to 15 signals per day.
Does the signal provider offer in-depth signals?
How much information the signal provider gives you clearly indicates how much effort they’ve put into the signals. If you simply receive a signal that tells you where to invest and nothing else, beware of the legitimacy of the signals. A quality signal will include relevant information, stop-loss limits and profit targets. Some may even provide you with information on which the signal is based.
Is there a free trial?
If the signal provider is reliable, they’re likely to offer free as well as paid services. The free services are to gain your confidence, whereas the paid services are more in-depth and regular. For instance, FXGrowth offers its users one free signal per day. Those who want more signals can subscribe to receive up to 15 signals every day. The free signal is helpful if you’re testing out the reliability of the signal, and the paid service is suitable once you’ve gained confidence in the signals and their accuracy.
Are free Forex signals as good as paid ones?
When there are free signals available on Telegram, why should you go for paid ones? That’s a question most investors ask themselves before they dive into the details of free vs paid signals. While some free signals online are actually credible, most signal providers will only offer a limited number of free signals with little additional information and no extra services.
On the other hand, paid signals tend to be more promising because they are more in-depth, and the providers offer additional tools and services as well. For instance, a paid signal might come with information that backs up the signal. At the same time, a free signal might simply indicate whether buying or selling a currency pair is a good idea.
If you’re new to the Forex market, the best pathway you can choose is a free as well as a paid signal provider. While starting out, you can follow free signals; then, as you gain more confidence and expertise, you can pay for additional signals that are more in-depth.
How to avoid scams when choosing forex signals?
It’s not uncommon for investors to fall victim to online signal group scams. Here are a number of tips that could help you avoid such scams and instead benefit from quality signals:
- Always do proper homework before joining a signal group. While reading online reviews is one of the best ways to avoid scams, sometimes that’s not enough. To further ensure that the signal provider is legitimate, look at whether they offer proof of their claims. It’s easy for a signal provider to state that their signals are highly accurate, but don’t believe it until you see it.
- Test signals on a demo trading account before following them on your actual account. You can open free demo trading accounts with most of the top online brokers and exchange platforms nowadays. Make sure you take your time testing the signals and understanding how signals are applied before you risk your capital. It’s also a great way to practice trading with signals.
- Focus on the risk to reward ratio that the signal provider offers. An ideal risk: reward ratio is 1:4 – this means for every 1% capital that you risk, there should be a 4% potential profit. Many experts consider a 1:3 ratio to be ideal as well. See what suits you best and choose a signal provider accordingly. Don’t go for high risk & low rewards, as you’ll end up losing your capital in no time.
- Check whether the signal provider has a news section on their website. Most signal providers who have a news section tend to be more reliable as they closely monitor ongoing market trends and political and economic news updates. You can also benefit from these news updates in case you ever want to trade without the help of signals.
- Don’t be afraid to ask questions. Everyone has different investment goals in mind, and the signal group you join must have similar investment ideas as you do. Any reputable signal provider won’t mind helping you and offering you customer support as well. Don’t settle for a signal provider who doesn’t offer available customer support and additional tools.
What is Telegram and why is it used for Forex signals?
Telegram is a messaging application founded by two brothers back in 2013. The platform has seen most of its success with signal providers, who enjoy the high level of privacy it offers. Not only is Telegram free and easy to install, but the messaging application allows group holders to add up to 5000 people with ease and instantly share videos or pictures of up to 1 GB. Additionally, Telegram account holders can access their data through the cloud, so losing a device won’t affect their trading journey. Plus the software allows users to utilize iBots with several additional features, and is recognised for its commendable speed as well.
Some of the most popular forex signals Telegram groups are FXGrowth, GoldSignals.io, forexsignals.io, and ApexBull. Our personal choice is FXGrowth based on numerous factors, including easily understandable signals, one free signal per day, and the reliability of signals.
Best free forex signals EURUSD – FXGrowth
If you’re looking for free forex signals that offer a high level of accuracy and won’t put holes into your pocket, FXGrowth is amongst the best forex signal providers online. They have a signals group on Telegram where subscribed investors get up to 15 signals every day. On top of that, they have designed automated trading software that allows traders to sit back and relax while their investments take care of themselves.
What makes FXGrowth’s signals so reliable is that they have designed a systematic algorithm with the help of market experts. The algorithms are based on several factors that impact the forex market, and trading experts further evaluate the signals generated before they’re sent out to followers. Hence the signals have an accuracy rate of over 70%.
FXGrowth also offers its users a free signal per day, which is a great way to start investing with lower capital. Once you’re satisfied with the results offered by the signals, you can sign up to receive more regular and in-depth signals.
Final thoughts on EURUSD signals
Being the largest economies in the world, EURUSD is a currency pair worth investing in. The FX pair has a high liquidity level and offers great earning potential, especially when traded with the help of quality trading signals. However, the hard part is hunting down quality EURUSD signals that have a high level of accuracy.
Amongst a few of the top quality Forex signal providers is FXGrowth.com. What puts them amongst the best is the quality of each signal that they send out. The company has invested a great deal of time and energy towards systematically developing an effective algorithm with the help of expert designers. The algorithm automatically detects and indicates when to buy or sell a currency pair based on market trends and additional relevant factors. You can sign up to receive a free signal every day or join their VIP group to receive regular in-depth signals.
EURUSD Signals FAQs
✅ Can forex signals make you rich?
There are thousands of signal providers online, out of which many aren’t reliable. Although, the top signal providers on Telegram offer quality signals that are mostly accurate. However, there are several factors to consider before joining a signals group, such as the cost you have to pay, the risk to reward ratio of the signals, the regularity of the signals that you’ll receive, and whether the signal provider offers additional services such as customer support.
🔥 Can the forex market crash?
The Forex market is the largest financial market in the globe, with an annual turnover of trillions of dollars. A large chunk of the forex market is made up of the top 8 currencies, which include EUR, USD, CAD, GBP, & AUD. Though the FX market is huge, it’s also highly volatile. There are a number of factors that affect currency prices, such as economic events, political intentions and even environmental disasters.
😏 Is EURUSD a profitable currency pair?
When trading EURUSD, financial and technical analysis is of great use, it focuses on price movements in the financial market through market statistics and price charts. It carefully considers market trends to help discover trading opportunities. More times than not, if financial and technical analysis is done properly, it promotes a successful investment journey.
✅ Can you auto-trade EURUSD?
Nowadays many signal providers have started offering auto trading systems as well. Automated trading involves the usage of algorithms to monitor the market and detect profitable investment opportunities. Though automating your trades may make you dependent on computerized systems and could also take away your decision making power while investing. Hence, it’s better to switch between manual trading and automated trading.