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The EUR/USD pair has recorded lower tops and bottoms since Tuesday, confirming a bearish outlook. That momentum is reinforced by declining 20- and 50-period moving averages.
As long as 1.1940 holds, look for a new test of 1.1875 and even 1.1825. Alternatively, above 1.1940 we could see a continuous bullish trend and expect a high of 1.2010 and even 1.2650 in extension.
On the data slate there’s German Retail Sales; German Unemployment Rate; Euro-Zone Unemployment Rate; Euro-Zone CPI; US Challenger Job Cuts; US Personal Spending; US Core Personal Consumption Expenditure; US Personal Income; US Continuing Jobless Claims; US Initial Jobless Claims; US Chicago Purchasing Managers’ Index and US Pending Home Sales.
BUY EUR/USD @ 1.1925 OR BETTER – STOP @ 1.1870 – TARGET @ 1.2050
BUY GBP/USD @ 1.2905 OR BETTER – STOP @ 1.2860 – TARGET @ 1.3020
SELL USD/JPY @ 108.95 OR BETTER – STOP @ 109.40 – TARGET @ 108.10
BUY CL1017 @ 46.20 OR BETTER – STOP @ 46.10 – TARGET @ 47.00
BUY AUD/USD @ 0.7910 OR BETTER – STOP @ 0.7865 – TARGET @ 0.7980
BUY XAU @ 1312 OR BETTER – STOP @ 1302 – TARGET @ 1330
BUY XAG @ 17.20 OR BETTER – STOP @ 16.90 – TARGET @ 17.80
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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