TRADING
TIPS :
The
EUR/USD is trading better at the mid-session. The range is tight and
volume is relatively low after Friday’s sharp break. Prices could
consolidate this week until Wednesday, May 18 with the release of the
Euro Zone’s Final CPI report. It is expected to show year-over-year
consumer inflation declined 0.2%. On Thursday, the European Central
Bank is scheduled to release its monetary policy meeting accounts.
The G-7 meetings will be held on Thursday and Friday.Technically, the
main trend is up according to the daily swing chart. However,
momentum has been to the downside since the 1.1616 main top on May
3.The main range is 1.0821 to 1.1616. Its retracement zone at 1.1218
to 1.1125 is the primary downside target.Based on Friday’s close at
1.1303, the direction of the market today is likely to be determined
by trader reaction to the long-term up trending angle at
1.1291.Holding above 1.1291 will indicate the presence of buyers.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.4440 TARGET 1.4460 1.4490 SL 1.4410
SELL
GBPUSD AROUND 1.4445-1.442 TARGET 1.4422 1.4392 SL 1.4475
RECOMMENDATION:
BUY
EURUSD AROUND 1.1315-1.1317 TARGET 1.1335 1.1390 SL 1.1285
SELL
EURUSD BELOW 1.1280 TARGET 1.1260 1.1230 SL 1.1310
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