EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded perfectly long as
previously forecasted but is yet to reach our set target resistance level at 1.1239. The daily
candle is still pretty much bullish and will likely push the price further to the upper side.
Thus, during this intraday, we expect a possible bullish price rally towards 1.1239 or even
higher to 1.1264. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD and
GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar
price action during this intraday.
The pound slipped lower against the U.S. dollar on Wednesday, after data showed that
U.K. service sector activity contracted for the first time in more than three years and as investors
eyed the Bank of England’s policy meeting on Thursday.GBP/USD hit 1.3287 during
European morning trade, the session low; the pair subsequently consolidated at 1.3334,
edging down 0.17%.Cable was likely to find support at 1.3169, the low of August 2 and resistance
at 1.3480, the high of July 15.Research group Markit said its U.K. services purchasing
managers’ index dropped to 47.4 last month from a reading of 52.3 in June. It was
the lowest level since December 2012.The weak data added to expectations for a rate cut
by the BoE at its policy meeting on Thursday.
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