TRADING
TIPS :
EUR/USD fell modestly on Friday,
retreating from three-month highs reached in the prior session, as
currency traders continued to assess the risks associated with
negative interest rate policies one day after Sweden’s Central Bank
unexpectedly lowered their rates deeper below zero. The currency pair
traded in a broad range between 1.1214 and 1.1333 before settling at
1.1255, down 0.0061 or 0.54% on the session. Despite the slight
losses, EUR/USD has still closed higher in seven of the last 10
sessions and 11 of the last 15. After nearly slipping below 1.08 at
the end of last month, the euro is up by nearly 4% against its
American counterpart in February.EUR/USD likely gained support at
1.0538, the low from December 3 and was met with resistance at
1.1496, the high from Oct. 15. The U.S. Dollar Index, which measures
the strength of the greenback versus a basket of six other major
currencies, gained more than 0.45% to an intraday high of 96.25,
before closing at 95.99. The index is still down more than 3.7% since
the BOJ’s rate decision on January 29.
RECOMMENDATION:
BUY
GBP USD ABOVE 1.4525 TARGET 1.4545 1.4575 SL 1.4495
SELL
GBP USD BELOW 1.4500 TARGET 1.4480 1.4450 SL 1.4530
RECOMMENDATION:
BUY
EUR USD ABOVE 1.1260 TARGET 1.1280 1.1310 SL 1.1230
SELL
EUR USD BELOW 1.1250 TARGET 1.1230 1.1200 SL 1.1280
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