TRADING
TIPS :
EUR/USD is trading above the 1.11 line
in Thursday’s European session, following sharp gains a day
earlier. On the release front, there are no major Eurozone events.
ECB President Mario Draghi will deliver remarks at an event in
Frankfurt. In the US, today’s key event is Unemployment Claims,
with the indicator expected to remain steady at 279 thousand.The
shared currency picked-up significant strength versus its American
counterpart in the last hours, with EUR/USD now hovering near
multi-month highs above 1.1150.Currently, EUR/USD trades 0.44% higher
at 1.1153, having printed fresh four-month highs at 1.1162 last
minutes. The latest upsurge seen in the EUR/USD pair was triggered by
ECB’s Chief Draghi’s pledge to fight inflation, as he spoke at
the Deutsche Bundesbank’s Marjolin Lecture, in Frankfurt. Further,
the EUR/USD pair completely ignored the risk-on rally in the European
stocks and strengthened further as the US dollar halted its
correction and resumed its broad based sell-off ahead of the US data
releases, including the jobless claims and factory orders, which are
likely to disappoint markets.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4650 TARGET 1.4670 1.4700 SL 1.4620
SELL
GBP/USD BELOW 1.4610 TARGET 1.4580 1.4550 SL 1.4640
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.1170 TARGET 1.1190 1.1220 SL 1.1140
SELL
EUR/USD BELOW 1.1120 TARGET 1.1100 1.1070 SL 1.115
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