Sell on a level breakthrough of 1.0557 with 1.0495 target. Stop loss = 1.0610.
Reason for the trading strategy
Today, the publication of the US PPI may put pressure on the euro. In February, the index is expected to rise by 0.2% (m/m). The increase in inflationary pressures can accelerate the process of tightening of monetary policy in the US. In the short term, the euro is likely to re-test the yearly low of 1.0495.
December 8, 2016 Tapering and extending
The main challenge for markets today will be steering through the messages that emerge from the ECB meeting and press conference. Whereas the Fed meeting next week is seen as a near certainty in terms of its outcome, this is not the same for the ECB...
December 7, 2016 Oil ma pull back to $40
The oil price fell for the first time in 4 days today as skepticism creeped in over some OPEC member’s commitment to keep to their end of the deal and cut production...
December 6, 2016 Shale sector tries to reap the gains of the OPEC deal
The prices extend gains after OPEC’s output cut deal brings short-term optimism. Forward market shows that the US oil producers are rushing to lock the profit, selling oil contracts for above $50 a barrel at the start of 2018...
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