TRADING
TIPS :
EUR/USD is selling off heavily from the
top of a descending channel that has been in play for a month now,
with price moving towards the key 50-day simple moving average (SMA)
(1.0814) and $1.0808 support levels. The ability to close
convincingly below $1.0808 will largely dictate the state of play,
with a high likeliness of a strong move lower should that occur.
Given the clear downtrend in play throughout this week so far,
further downside seems the most likely event, yet given the
importance of the $1.0808 level, it seems prudent to await a break
first. A close below $1.0808 would point towards $1.0796, $1.0781 and
$1.0773 as the next support levels.However, should we see a closed
hourly candle above $1.0840, this would point towards a possible
rally, with $1.0880 and $1.0905 the next key resistance levels.
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4480 TARGET 1.4550 1.4580 SL 1.4500
SELL
GBP/USD BELOW 1.4440 TARGET 1.4420 1.4390 SL 1.4470
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0830 TARGET 1.0850 1.0880 SL 1.0800
SELL
EUR/USD BELOW 1.0800 TARGET 1.0780 1.0750 SL 1.0830
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