TRADING
TIPS :
The EUR/USD pair trades 0.24% lower at
1.0616, hovering close to fresh session lows struck at 1.0607 in last
minutes. The selling pressure around EUR/USD intensified on the break
of the hourly 50-SMA support at 1.0642 and the major dropped sharply
towards 1.06 levels, with multi month lows in sight. The sharp
sell-off seen in the EUR/USD pair, can be mainly attributed to the
re-emergence of appetite for riskier, driving European stocks through
the roof and boosting the risk-currency – the US dollar. The solid
comeback staged by the greenback across the fx board, also halted the
EUR/USD recovery and triggered renewed weakness. While the shared
currency remains under pressure on growing monetary policy divergence
between the Fed and ECB in the run up to the ECB Dec 3 showdown.
Looking ahead, focus remains on the US macro releases, including the
durable goods and Core PCE index, amid a data-empty EUR calendar.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5090 TARGET 1.5110 1.5140 SL 1.5060
SELL
GBP/USD BELOW 1.5030 TARGET 1.5010 1.4980 SL 1.5060
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0650 TARGET 1.0670 1.0700 SL 1.0620
SELL
EUR/USD BELOW 1.0600 TARGET 1.0580 1.0550 SL 1.0630
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