Steven Woodcock, Senior FX Analyst for Plutus FX, joined Zak Mir on the Tip TV Finance Show to discuss some major forex pairs including EUR/USD, GBP/USD, USD/JPY and USD/CAD.
EUR/USD a range trade, still chance for a bounce
Woodcock outlined that he is not totally convinced that the EUR/USD is a one-way bet, with the chance for a bounce ahead. He continued that the market is factoring in ECB easing, but for now he urged to buy the dips around 1.06 and sell around 1.0740.
Cable searching for direction
Woodcock continued that the GBP/USD can be put on the side-lines at the moment, whilst it lies in the middle of the range between 1.5050 and 1.5450. Woodcock concluded that we are still in a USD uptrend until we see action from the Fed and the ECB.
Watch the video to see further analysis on USD/JPY and USD/CAD.
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