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US dollar was lifted by expectations that the tax-cut bill passed by the Senate would boost the US economy.
EUR/USD falls 0.4% to 1.1851, because of extending the US dollar rise during Asia trading. Worries about the possibility of the bill being delayed kept dollar weak last week, together with concerns about political uncertainty, and so the news brings a relief rally for the dollar on Monday.
Therefore preference is still short EUR/USD positions below 1.1880 with targets at 1.1820. Alternatively, above 1.1880 look for further upside with 1.1935 as targets. The intraday technical indicators are mixed and call for caution.
On the data slate there’s German Services PMI; German Composite PMI; Euro-Zone Services PMI; Euro-Zone Composite PMI; UK Services PMI; UK Composite PMI; Euro-Zone Retail Sales; US Trade Balance; US Services PMI; US Composite PMI and US ISM Non-Manufacturing/Services Composite.
My Personal Trading Plan
SELL EUR/USD @ 1.1875 OR BETTER – STOP @ 1.1955 – TARGET @ 1.1820
SELL GBP/USD @ 1.3480 OR BETTER – STOP @ 1.3535 – TARGET @ 1.3380
BUY USD/JPY @ 112.35 OR BETTER – STOP @ 112.00 – TARGET @ 113.10
SELL CL0118 @ 57.70 OR BETTER – STOP @ 58.30 – TARGET @ 56.60
SELL AUD/USD @ 0.7650 OR BETTER – STOP 0.7690 – TARGET @ 0.7565
SELL XAU @ 1276 OR BETTER – STOP @ 1283 – TARGET @ 1265
SELL XAG @ 16.50 OR BETTER – STOP @ 17.00 – TARGET @ 15.70
THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.
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