What we should trade on Monday
|First, let us have look at some key economies for today's trades. We would see it country wise
Eurozone - Recently nearly two weeks ago Piere Moscovici, EU economic Commissioner, had told an audience in Athens that blueprint has ambitious ideas.Secondly, speech from Mario Draghi boosted the confidence of the Investors on euro zone so in near term.
United Kingdom - Let us have look on some key events for this for the short term plan of our trades.So tomorrow we have some high Impact economic news which may affect the GBP pair some of them which could add volatility to pounds, Consumer Price Index YoY (Precious 1.8 and forecast 2.1 ) Secondly, Core Consumer Price Index YoY (Previous 1.6 and forecast 1.7 ) which seems some good economic Indications and could improve on economic performances so pound also boosted Investors confidence over the period of time.
United Status of America - As the DXY index is on profit booking environment since the rate hike by FED in March meeting and so economy poised to further growth, this was the alternate fear in the investors .as the fed officials expressed the next 3 rate hikes in 2017.
So, By looking at the overview of these three economies we would discuss our trade plans.
First Lets have look for the technicals
EURUSD
The plan in eurusd is short as we have RSI which is looking as bearish divergence and as Indicated by the blue line on the hourly chart we are looking a gap which is good for the shorts. at a current price level of 1.0760 for the 1st target of 38.2 Fibonacci Support at 1.0676.
Some Key Levels
1.0900 1.0860 1.0830 1.0804 1.0780 1.0755 1.0730
Idea - Short EURUSD at price 1.0760 targets 1.0676 Stop Loss at 1.0785
GBPUSD
GBPUSD was moving in the channel but the recent break down suggests to short near 1.2400 for the daily range target 1.2300 which is situated at 38.2 Fibonacci levels for the day.
Some Key Levels
1.2500 1.2475 1.2450 1.2409 1.2365 1.2340 1.2295
Idea: Short GBPUSD for the target 1.2300.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.