TRADING
TIPS :
EUR/USD is currently trading with a
bearish bias. Yesterday, the pair broke above the resistance level
1.1324, but ended up closing below it. As previously forecasted, we
still expect the pair to form a double bottom at the support level
1.1283. Thus, we expect a clear rebound from this support to go long
with our target at 1.1324. A clear breakout below this support will
invalidate the anticipated double bottom formation and may lead to an
acceleration to the lower side. This pair should be traded alongside
GBP/USD, AUD/USD and NZD/USD. These pairs have a strong positive
correlation of up to +0.92 and will have a similar price action
during this intraday.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4530 TGT 1.4550 1.4580 SL 1.4500
SELL
GBP/USD AROUND 1.4520-1.4518 TGT 1.4500 1.4470 SL 1.4550
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.1290 TGT 1.1310 1.1340 SL 1.1260
SELL
EUR/USD BELOW 1.1255 TGT 1.1235 1.1205 SL 1.1285
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