TRADING
TIPS :
The euro edged higher against the U.S.
dollar on Tuesday, supported by strong German business climate data,
although gains were capped by expectations for further stimulus by
the European Central Bank and for a U.S. rate hike before the
year-end. EUR/USD hit 1.0670 during European morning trade, the
session high; the pair subsequently consolidated at 1.0646, easing up
0.08%.The pair was likely to find support at 1.0591, Monday’s low
and a seven-month low and resistance at 1.0744, Friday’s high.The
euro found some support after the German research institute Ifo said
its Business Climate Index rose to a 17-month high of 109.0 this
month from a reading of 108.2 in October, beating forecasts for
108.2.But gains were held in check since European Central Bank
President Mario Draghi said on Friday that the bank is ready to act
quickly to boost inflation in the euro zone and can also change the
level of its deposit rate to boost the impact of quantitative easing.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5140 TARGET 1.5120 1.5090 SL 1.5170
SELL
GBP/USD BELOW 1.5100 TARGET 1.5080 1.5050 SL 1.5130
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0680 TARGET 1.0700 1.0730 SL 1.0650
SELL
EUR/USD BELOW 1.0630 TARGET 1.0610 1.0580 SL 1.0660
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