TRADING
TIPS :
The Euro continues to push higher
against the US Dollar, with prices poised to deliver the seventh
consecutive day of gains. If strength continues into the daily close,
this would make for the longest winning streak since December 2013
for the single currency. Finishing the day above the 38.2% Fibonacci
expansion at 1.1577 exposes the next upside barrier in the 1.1689
-1714 area, marked by the 50% level and the August 24 swing high.
Alternatively, a reversal below the 1.1439-65 zone (April 12 high,
23.6% Fib) paves the way for a test of the 14.6% expansion at
1.1353.The long-term EUR/USD trend continues to look broadly bearish,
painting recent gains as corrective. With that in mind, an actionable
short trade setup is absent for the time being. As such, we will
remain on the sidelines sand wait for signs of topping to offer a
compelling selling opportunity.
RECOMMENDATION:
BUY
GBPUSD ABOVE 1.4700 TGT 1.4720 1.14750 SL 1.4670
SELL
GBPUSD BELOW 1.4658 TGT 1.4638 1.4608 SL 1.4688
RECOMMENDATION:
BUY
EURUSD ABOVE 1.1600 TGT 1.1620 1.1650 SL 1.1570
SELL
EURUSD BELOW 1.1550 TGT 1.1530 1.1500 SL 1.1580
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