Buy on a level breakthrough of 1.1466 with 1.1530 target. Stop loss = 1.1406.
Reason for the trading strategy
In April, the volume of industrial production in the US declined by 0.3% (m/m), while the US consumer confidence index declined from 95.9 p. to 88.6 to p in May. The data reflect a contraction of the real sector of the US economy and reduced consumer activity among American households. Against this background, the US Federal Reserve is unlikely to make a decision to quickly increase the country's key interest rate. The single European currency, taking advantage of the weakness of the US dollar, may soon test the 1,153 level.
December 7, 2016 Will ECB support Italy?
The yield of the Italian sovereign debt fell on Tuesday as the focus moved to the political uncertainty on the market. After Renzi’s crash on the weekend and the expectations of the ECB measures to deal with the possible fallout of the financial markets...
December 7, 2016 WTI bears on the prowl
WTI Crude was vulnerable to sharp losses on Tuesday following reports of OPEC output rising to a worrying record high of 34.19 million barrels per day in November which revived the oversupply concerns
December 7, 2016 CAD claws back ground
The Canadian dollar has finally managed to gain some ground against the strong USD after weeks of the market waiting for it to react to oil prices beginning to show some turn after the recent OPEC agreements...
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