TRADING
TIPS :
The EUR/USD pair extended its decline
down to 1.0833, bouncing from the level early Europe, as stocks
opened with a negative tone and Swiss CPI readings came out
better-than-expected, triggering spikes in all of the European
currencies. pair trades near its daily high, set at 1.0891, ahead of
the release of the EU Retail Sales, expected to have advanced 0.2% in
September. Nevertheless, the technical picture suggests that the
current recovery is barely a correction in the middle of its bearish
trend, given that the price remains well below a sharply bearish 20
SMA, whilst the technical indicators are bouncing from oversold
readings, as seen in the 4 hours chart. The upward corrective
movement can extend above 1.0900, towards the 1.0960 price zone, and
even up to 1.1000, should the greenback remain under pressure,
particularly because the pair has tested a major long term static
support. However, the bearish trend remains firm in place, and
selling at higher levels is still seen as an attractive trade.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.5400 TARGET 1.5420 1.5450 SL 1.5370
SELL
GBP/USD BELOW 1.5375 TARGET 1.5355 1.5325 SL 1.5405
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0890TARGET 1.0910 1.0940 SL 1.0860
SELL
EUR/USD BELOW 1.1106 TARGET 1.1086 1.1056 SL1.1136
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