TRADING
TIPS :
EUR/USD, is showing marginal movement
on Wednesday, as the pair trades at 1.0870 in the European session.
In economic news, German Consumer Climate posted a strong reading of
9.4 points, within expectations. In the US, the Federal Reserve will
release a policy statement and set the benchmark interest rate for
January.Fresh offers came-in after the pair failed to sustain above
the hourly 200-MA seen at 1.0873 levels. The pair had spiked to
1.0883 after the European stocks dropped around 0.80% in early
trading. However, equities recovered losses and weighed over the
common currency. No first tier data is due for release in the
Eurozone. Hence, the pair remains at the mercy of the action in the
equity markets as we head towards the FOMC rate decision. “Draghi’s
dovish policy signal should understandably cap EUR into the ECB’s
Mar 10 policy meeting, the pair unlikely to make a serious dent at
1.10 if at all in coming weeks”.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.4340 TARGET 1.4360 1.4390 SL 1.4310
SELL
GBPUSD BELOW 1.4380 TARGET 1.4360 1.4330 SL 1.4410
RECOMMENDATION:
BUY
EUR USD ABOVE 1.0880 TARGET 1.0900 1.0930 SL 1.0850
SELL
EUR USD BELOW 1.0840 TARGTE 1.0820 1.0790 SL 1.0870
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