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US dollar pared gains earlier as Federal Reserve started its two-day monetary policy meeting.
EUR/USD pair continues a rebound initiated at a reaction low of 1.2382 yesterday. Currently, it has crossed above the 20-period moving average while being supported by the 50-period one.
RSI is well directed above the neutrality level of 50, showing continued momentum for the pair. As long as the level of 1.2380 holds as key support, the pair is expected to proceed toward 1.2430 on the upside. However, below 1.2380, a further drop toward 1.2330 is possible.
On the data slate there’s UK Consumer Confidence; German Retail Sales; Switzerland UBS Consumption Indicator; German Unemployment Change; German Unemployment Claims Rate; Euro-Zone Unemployment Rate; Euro-Zone CPI; US Mortgage Applications; US ADP Employment Change; US Employment Cost Index; US Chicago Purchasing Manager; US Pending Home Sales; US Crude Oil Inventories and US FOMC Rate Decision.
My Personal Trading Plan
SELL EUR/USD @ 1.2400 OR BETTER – STOP @ 1.2460 – TARGET @ 1.2270
SELL GBP/USD @ 1.4160 OR BETTER – STOP @ 1.4210 – TARGET @ 1.4020
BUY USD/JPY @ 108.60 OR BETTER – STOP @ 108.10– TARGET @ 109.50
SELL CL0318 @ 64.20 OR BETTER – STOP @ 65.00 – TARGET @ 62.65
SELL AUD/USD @ 0.8090 OR BETTER – STOP @ 0.8130 – TARGET @ 0.7990
SELL XAU @ 1338 OR BETTER – STOP @ 1350 – TARGET @ 1325
SELL XAG @ 17.30 OR BETTER – STOP @ 17.80 – TARGET @ 16.60
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.
