Tuesday, May 17, 2016

SGX IForex Recommendations : Epic Research Singapore

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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