TRADING
TIPS :
The euro held steady near two-week lows
against the U.S. dollar on Friday, as positive U.S. inflation data
lent broad support to the greenback, while growing expectations for
further easing by the European Central Bank dampened demand for the
single currency. EUR/USD hit 1.1067 during U.S. morning trade, the
pair’s lowest since February 3; the pair subsequently consolidated
at 1.1104.The pair was likely to find support at 1.0987, the low of
October 6 and resistance at 1.1153, Thursday’s high. Data showed
that the U.S. consumer price index was flat in January, compared to
expectations for a 0.1% downtick and after a 0.1% fall the previous
month. Year-on-year, consumer prices increased by 1.4% last month.
Core CPI, which excludes food and energy, rose 0.3% in January, more
than the expected 0.2% gain and after an increase of 0.2% in
December.Meanwhile, sentiment on the single currency remained
vulnerable after the minutes of the European Central Bank’s January
meeting, released on Thursday, signaled that the bank is prepared to
inject further monetary easing next month if necessary to bolster
growth.
RECOMMENDATION:
BUY
GBP USD ABOVE 1.4340 TARGET 1.4360 1.4390 SL 1.4310
SELL
GBP USD BELOW 1.4270 TARGET 1.4250 1.4220 SL 1.4300
RECOMMENDATION:
BUY
EUR USD ABOVE 1.1110 TARGET 1.1130 1.1160 SL 1.1080
SELL
EUR USD BELOW 1.1170 TARGET 1.1150 1.1120 SL 1.1200
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