TRADING
TIPS :
The common currency keeps the buoyant
tone on Thursday, lifting EUR/USD to test fresh tops in the 1.0880
area. The buying interest around EUR remains firm today after
Services PMI in Germany and the euro area have bettered the
preliminary readings for the month of February. Adding to the upbeat
sentiment around the pair, EMU’s Retail Sales have surpassed
initial forecasts during January, expanding 0.4% on a monthly basis
and 2.0% over the last twelve months.With releases in Euroland now
out of the way, the US docket will take the driver’s seat, with
Initial Claims, Factory Orders and the ISM Non-manufacturing all
expected later in the NA session.The pair is now up 0.13% at 1.0880
facing the next up barrier at 1.0925 (100-day sma) ahead of 1.1046
(200-day sma) and then 1.1123 (38.2% Fibo of December up-move). On
the flip side, a breakdown of 1.0823 (low Mar.2) would target 1.0777
(low Jan.21) en route to 1.0709 (2016 low Jan.5).
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4130 TARGET 1.4150 1.4180 SL 1.4100
SELL
GBP/USD BELOW 1.4070 TARGET 1.4050 1.4020 SL 1.4100
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0920 TARGET 1.0940 1.0970 SL 1.0890
SELL
EUR/USD BELOW 1.0850 TARGET 1.0830 1.0800 SL 1.0880
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