Trading Tips:The euro has been paring its losses against the dollar over the last few days but we are seeing signs that the move higher may have run into a brick wall. The pair did face resistance around the 38.2 fib – 10 July high to 20 July lows – and prior support, but as was highlighted yesterday (EURUSD – Bullish Rebound Off Big Fib Level), there was reason to believe the correction would be larger. The pair then went on to rally another 100 pips before running into fresh resistance around 1.1010, the 50 fib of the same move. Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected. The single currency received an additional boost after a report showed that German business confidence improved this month, boosting the outlook for the euro area’s largest economy.
RECOMMENDATION :
BUY GBP/USD ABOVE 1.5585 TARGET 1.5605 1.5635 SL 1.5555
SELL GBP/USD BELOW 1.5490 TARGET 1.5470 1.5440 SL 1.5520
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