TRADING
TIPS :
The single currency has now recovered
the smile,sending EUR/USD back to the 1.0930 area after testing lows
near 1.0900. The current recovery of crude oil prices seem to be
lending some support to the pair, which has managed to bounce off
session lows in the boundaries of 1.0900 the figure.Mixed results
from January’s Services PMI in the euro area have passed largely
unnoticed, while EMU’s Retail Sales have expanded 0.3% MoM during
December, matching estimates. Ahead in the session, market consensus
expects the ADP report to come in just below the 200K threshold and
the ISM Non- manufacturing a tad lower to 55.1 for the last month.
The pair is now advancing 0.10% at 1.0925 facing the next resistance
at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) and
then 1.1053 (200-day sma). On the other hand, a break below 1.0777
(post-ECB low Jan.21) would open the door to 1.0737 (38.2% Fibo of
1.0538-1.1059) and finally 1.0709
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4480 TARGET 1.4500 1.4530 SL 1.4450
SELL
GBP/USD BELOW 1.4220 TARGET 1.4200 1.4170 SL 1.4250
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0950 TARGET 1.0970 1.1000 SL 1.0920
SELL
EUR/USD BELOW 1.0900 TARGET 1.0880 1.0850 SL 1.0930
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