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Thin trading volumes is expected due to the Lunar New Year holiday, as most markets in Asia closed Friday. Improving fundamentals in Europe and Asia have dented the US currency.
US dollar fell to its lowest level in more than three years Thursday as renewed confidence among investors drew money away from the US currency. The biggest single factor undermining the dollar this year has been the improvement in global economy. A more balanced economic recovery drags investment away from the US and towards more interesting markets.
EUR/USD was up 0.4% at 1.2507, preference still maintains the long positions above 1.2455 with target at 1.2610. Alternatively, below 1.2455 look for further downside with 1.2350 as target.
On the data slate there’s German Wholesale Price Index; Euro-Zone ECB’s Coeure Speaks in Skopje, Macedonia; UK Retail Sales; US Import and Export Price Index; US Housing Starts; US Building Permits; US U. of Michigan Sentiment and US Baker Hughes US Rig Count.
My Personal Trading Plan
BUY EUR/USD @ 1.2500 OR BETTER – STOP @ 1.2465 – TARGET @ 1.2610
BUY GBP/USD @ 1.4095 OR BETTER – STOP @ 1.4030 – TARGET @ 1.4285
SELL USD/JPY @ 106.50 OR BETTER – STOP @ 107.10 – TARGET @ 105.65
BUY CL0318 @ 61.00 OR BETTER – STOP @ 59.65 – TARGET @ 62.30
BUY AUD/USD @ 0.7905 OR BETTER – STOP @ 0.7865 – TARGET @ 0.8005
BUY XAU @ 1350 OR BETTER – STOP @ 1342 – TARGET @ 1365
BUY XAG @ 16.80 OR BETTER – STOP @ 16.20 – TARGET @ 17.25
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.
If You are New in Forex --> Read Forex Education Center / Volume I.