TRADING
TIPS :
The EUR/USD pair trades around the
daily lows as the European stock markets opened on a positive note.
The currency pair recovered slightly from the 5-DMA support located
at 1.0875; however, the recovery is being capped on account of a 0.7%
gain in the Euro Stoxx 50 index. As of now, the European investors
have turned a blind eye towards the sharp drop in oil prices. The
positive action in equities is capping demand for safe haven and
funding currencies. The shared currency remains at the mercy of the
overall market sentiment amid an empty economic calendar in Europe
and US. The volumes may drop later as the US markets are closed on
account of Martin Luther King holiday. The pair currently trades at
1.0880. The immediate resistance is seen at 1.0890 (38.2% of
1.1495-1.0517), above which the spot could test 1.0943 (Thursday’s
high). On the other hand, a break below 1.0875 (5-DMA) would expose
1.0813
RECOMMENDATION:
BUY
GBP/USD ABOVE 1.4300 TARGET 1.4320 1.4350 SL 1.4270
SELL
GBP/USD BELOW 1.4270 TARGET 1.4250 1.4220 SL 1.4300
RECOMMENDATION:
BUY
EUR/USD ABOVE 1.0900 TARGET 1.0920 1.0950 SL 1.0870
SELL
EUR/USD BELOW 1.0870 TARGET 1.0850 1.0820 SL 1.0900
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