TRADING
TIPS :
EUR/USD
is currently trading with a slight bullish bias. Yesterday, the pair
broke below the rising channel and is currently trading below a very
significant support level 1.12177. We expect the just broken support
level to act as a resistance to the current upward rally. A clear
breakout above 1.12177 will lead to an acceleration to the upper-side
but should not go beyond 1.1283, while a clear rebound from this
level will lead to a downward rally towards 1.1166. Ideally, the
anticipated downward rally should be the continuation of wave (c) but
should not close below 1.1160. This pair should be traded alongside
AUD/USD, EUR/HKD and NZD/USD. These pairs have a strong positive
correlation of up to +0.95 and will likely move in a similar
direction during this intraday.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4601 TGT 1.4621 1.4651 SL 1.4571
SELL
GBP/USD BELOW 1.4548 TGT 1.4528 1.4498 SL 1.4578
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1211 TGT 1.1231 1.1261 SL 1.1181
SELL
EUR/USD BELOW 1.1167 TGT 1.1147 1.1107 SL 1.1197
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