TRADING
TIPS :
The Euro extended downward against the
US Dollar as expected after prices produced a bearish Evening Star
candlestick pattern. A daily close below the 38.2% Fibonacci
expansion at 1.0888 exposes the 1.0814-18 area (50% level, May 27
low). Alternatively, a move above the 23.6% Fib at 1.0980 opens the
door for a challenge of the 14.6% expansion at 1.1036. Prices are too
close to support to justify entering short in line with our long-term
outlook from a risk/ reward perspective. With that in mind, we will
continue to stand aside until a more attractive opportunity presents
itself a preliminary report, the University of Michigan said its
consumer sentiment index ticked down to 93.1 in July from 93.3 the
previous month, confounding expectations for a rise to 94.0.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5640 TARGET 1.5660 1.5690 SL 1.5610
SELL
GBPUSD BELOW 1.5600 TARGET 1.5580 1.5550 SL 1.5630
RECOMMENDATION:
BUY EURUSD ABOVE
1.1030 TARGET 1.1050 1.1080 SL 1.1000
SELL EURUSD BELOW
1.0950 TARGET 1.0930 1.0900 SL 1.0980
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