TRADING
TIPS :
The selling mood is now dragging
EUR/USD to fresh multi-day lows in the vicinity of 1.0970 and amidst
a negative tone from European equity markets.The pair is trading in
fresh 3-week troughs after quickly breaking below the psychological
barrier at 1.1000 the figure today following an increasing bid tone
in the greenback.Fanning the flames, crude oil prices are extending
the drop, with the barrel of Brent navigating multi-day lows in the
mid-$32.00s.Ahead in the day, US New Home Sales, the weekly report on
inventories by the EIA and speeches by Fed’s Bullard and Kaplan (no
voter) will take centre stage in the NA session.The pair is now
losing 0.34% at 1.0981 facing the next support at 1.0972 (55-day sma)
followed by 1.0965 (61.8% Fibo of December up-move) and finally
1.0709 (YTD low Jan.5). On the other hand, a break above 1.1108
(20-day sma) would open the door to 1.1123 (38.2% Fibo of December
up-move) and then 1.1220
RECOMMENDATION:
BUY
GBP USD ABOVE 1.3975 TARGET 1.3400 1.3430 SL 1.3945
SELL
GBP USD BELOW 1.3920 TARGET 1.3900 1.3870 SL 1.3950
RECOMMENDATION:
BUY
EUR USD ABOVE 1.1050 TARGET 1.1070 1.1100 SL 1.1020
SELL
EUR USD BELOW 1.0970 TARGET 1.0950 1.0920 SL 1.1000
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