TRADING
TIPS :
EUR/USD is quiet on Monday, after
posting excellent gains on Friday. The pair is trading at 1.1480 in
the European session. On the release front, German and Eurozone
Manufacturing PMIs both showed slight expansion. In the US, today’s
highlight is ISM Manufacturing PMI. The estimate stands at 51.6
points.The week started off on a positive note, as the April German
and Eurozone Manufacturing PMIs both pointed to slight growth in the
manufacturing sector. German Manufacturing PMI climbed to 51.8
points, close to the forecast of 51.9 points. The Eurozone release
was almost unchanged at 51.7 points, beating the estimate of 51.5
points. German key releases were soft last week, raising concerns
about the strength of Europe’s largest economy. Preliminary CPI
came in at -0.2%, its first decline in four months. Retail Sales
disappointed, posting a sharp decline of 1.1%. The markets had
expected a gain of 0.3%.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.4640 TGT 1.4660 1.14690 SL 1.4610
SELL
GBPUSD BELOW 1.4604 TGT 1.4584 1.4554 SL 1.4634
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1495 TGT 1.1515 1.1545 SL 1.1465
SELL
EURUSD BELOW 1.1452 TGT 1.1432 1.1402 SL 1.1482
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