Buy on a level breakthrough of 1.0680 with 1.0740 target. Stop loss = 1.0620.
Reason for the trading strategy
The strong data on industrial production in the euro zone and the weak retail sales in the US have allowed the euro to rebound from the 2015 lows. In addition, yesterday, the IMF raised its forecast for GDP growth in the euro zone for 2015 by 0.3 percentage points to 1.5% due to the fall of the euro against the US dollar. The rise in the yield of 10-year Greek government bonds to 11.95% causes concern among the buyers of the euro.
September 27, 2016 Markets start last week of September on the back foot
It hasn't been a great start for global equities in this last week of September, with European indices dropping between 1.0 to 1.5 per cent during Monday’s morning session, mirroring a similar performance in Chinese and Japanese markets overnight...
September 23, 2016 Gold rises to critical level on lower-for-longer policy signals
The price of gold extended its rebound modestly on Thursday after the US Federal Reserve provided some key signals on Wednesday that, despite a considerable probability of one Fed rate hike by the end of this year...
September 22, 2016 Moving on from the Fed
The reaction seen in currency markets yesterday to respective central bank policy decisions was instructive of the change in dynamics that we’re seeing. The BoJ enacted a number of changes to its policy regime...
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