TRADING
TIPS :
EUR/USD has started the
new trading week in subdued fashion, as the pair trades at 1.0850 in
the European session. On the release front, Eurozone and German
Manufacturing PMIs were very close to their estimates. In the US,
today’s key event is the ISM Manufacturing PMI.The buying interest
around the common currency is picking up pace, pushing EUR/USD to
daily tops in the 1.0865/70 area.Spot has gathered further upside
momentum following a softer tone around the greenback, as market
participants seem to be cashing up recent strong gains ahead of
today’s US docket.Mixed results from European PMIs have passed
largely unnoticed today, while the speech by President Draghi will
take centre stage later in the European evening.The pair is now
advancing 0.26% at 1.0863 facing the next resistance at 1.0969 (high
Jan.28) followed by 1.1000
(psychological level)
and then 1.1054 (200-day sma).
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4310 TARGET 1.4330 1.4370 SL 1.4270
SELL
GBP/USD BELOW 1.4250 TARGET 1.4220 1.4180 SL 1.4290
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0860 TARGET 1.0880 1.0920 SL 1.0820
SELL
EUR/USD BELOW 1.0830 TARGET 1.0810 1.0770 SL 1.0870
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