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EUR/USD posted a deeper correction as investors took profits from the currency’s recent strong run. The pair remains under pressure, as the bearish intraday outlook is maintained by the key resistance at 1.2000 as well as the descending 50-period moving average.
Intraday bearishness persists, and the pair is expected to show choppy price action targeting 1.1910 on the downside. However, above 1.2000, look for a bounce toward 1.2030.
On the data slate there’s Switzerland Unemployment Rate; German Industrial Production; German Trade Balance; Switzerland Retail sales; Euro-Zone Unemployment Rate; US Small Business Optimism and US Job Openings.
SELL EUR/USD @ 1.1975 OR BETTER – STOP @ 1.2030 – TARGET @ 1.1910
SELL GBP/USD @ 1.3560 OR BETTER – STOP @ 1.3600 – TARGET @ 1.3465
BUY USD/JPY @ 112.50 OR BETTER – STOP @ 112.10 – TARGET @ 113.30
SELL CL0218 @ 62.20 OR BETTER – STOP @ 62.50 – TARGET @ 59.90
SELL AUD/USD @ 0.7850 OR BETTER – STOP @ 0.7890 – TARGET @ 0.7765
SELL XAU @ 1320 OR BETTER – STOP @ 1326 – TARGET @ 1298
SELL XAG @ 17.15 OR BETTER – STOP @ 17.50 – TARGET @ 16.65
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