Trading Tips:The euro pared gains against the U.S. dollar on Wednesday, after data showed that the euro zone’s economy expanded at a slower rate than expected in the first quarter and that the bloc’s industrial production fell unexpectedly in March. The pair was likely to find support at 1.1130, the low of May 11 and resistance at 1.1392, the high of May 7 and a more than two-month high. The European statistics agency Eurostat reported that euro area gross domestic product grew 0.4% in the first three months of the year, up from 0.3% in the final quarter of 2014 but slightly below forecasts for growth of 0.5%. The euro zone’s industrial production slipped 0.3% in March, confounding expectations for a 0.2% rise. February’s figure was revised to a 1.0% gain from a previously estimated increase of 1.1%.The single currency had strengthened earlier, supported by Tuesday’s fresh selloff in global bond markets. German 10-year bund yields surged, narrowing the gap with their U.S. counterparts.
RECOMMENDATION :
BUY GBPUSD ABOVE 1.5790 TARGET 1.5810 1.5840 SL 1.5760
SELL GBPUSD BELOW 1.5720 TARGET 1.5700 1.5670 SL 1.5750
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