TRADING
TIPS :
EUR/USD is currently trading with a
bullish bias.Yesterday, the pair traded short but could not close
below the descending trend line. During this intraday, We expect an
upward acceleration but should not close above 1.1396. Ideally, we
expect the upper resistive trend line to mark the end of wave (4) but
should be the beginning of wave (5). A clear breakout above 1.1396
will push the price further to the upper side but should not go above
1.1438. However, as long as the pair trades within the descending
channel, we expect a rally to the lower side. This pair should be
traded alongside EUR/GBP, NZD/USD, GBP/USD. These pairs have a strong
positive correlation of up to +0.89 and will likely have a similar
price action during this intraday.
RECOMMENDATION:
BUY
GBPUSD AROUND 1.4395 TARGET 1.4415 1.4445 SL 1.4365
SELL
GBPUSD AROUND 1.4485-1.4483 TARGET 1.4465 1.4435 SL 1.4515
RECOMMENDATION:
BUY
EURUSD AROUND 1.1400 TARGET 1.1420 1.1450 SL 1.1370
SELL
EURUSD AROUND 1.1400 TARGET 1.1380 1.1350 SL 1.1430
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