TRADING
TIPS :
The euro has been paring its losses
against the dollar over the last few days but we are seeing signs
that the move higher may have run into a brick wall. The pair did
face resistance around the 38.2 fib – 10 July high to 20 July lows
– and prior support, but as was highlighted yesterday (EURUSD –
Bullish Rebound Off Big Fib Level), there was reason to believe the
correction would be larger. The pair then went on to rally another
100 pips before running into fresh resistance around 1.1010, the 50
fib of the same move. Fed Chair Janet Yellen has said the central
bank could raise rates as soon as September if the economy continues
to improve as expected. The single currency received an additional
boost after a report showed that German business confidence improved
this month, boosting the outlook for the euro area’s largest
economy.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.5585 TARGET 1.5605 1.5635 SL 1.5555
SELL
GBPUSD BELOW 1.5490 TARGET 1.5470 1.5440 SL 1.5520
RECOMMENDATION:
BUY EURUSD ABOVE
1.1125 TARGET 1.1145 1.1175 SL 1.1095
SELL EURUSD BELOW
1.1070 TARGET 1.1050 1.1020 SL 1.1100
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