Dear Traders,
The euro remained resilient amidst heightened tensions between Turkey and Russia. The European currency was capped at 1.0670/75, resulting in a barrier for any bullish engagements. While other currencies such as the JPY benefitted from safe haven flows after geopolitical tensions overshadowed financial markets, the U.S. dollar received less attraction as a safe haven. Political analysts consider a major escalation unlikely given the risks associated with any conflict between Russia and Turkey as a NATO member.
The British pound traded lower on dovish comments from Bank of England officials. BoE Governor Mark Carney said in testimony to lawmakers that interest rates are likely to remain low for some time. BoE Chief Economist Andrew Haldane sounded even more dovish saying risks to the inflation outlook were to the downside. So all in all, given the bleak outlook, sterling could be vulnerable to further losses in the near-term. The currency pair marked a recent support at around 1.5050. Next target is 1.50.
Yesterday's U.S. data came in mixed and failed to trigger a big reaction in the USD. The focus will now shift to Personal Consumption Expenditure and Durable Goods Orders, scheduled for release at 13:30 GMT. U.S. New Home Sales are due for release along with Michigan Confidence at 15:00 GMT.
EUR/USD
The euro is trending downwards. A current resistance can be found at 1.0690/1.07. Any bullish breakouts above 1.07 are likely to be limited until 1.0760-75. A lower support could currently be at 1.0575, from where some pullback may occur.
Daily Forex signals:
EUR/USD
Long @ 1.0710 SL 25 TP 25, 40
Short @ 1.0640 SL 25 TP 30-40
GBP/USD
Long @ 1.5122 SL 25 TP 30, 60
Short @ 1.5075 SL 25 TP 20, 60
Trading Management via email support (Trailing Stops, Risk-/Money Management per trade and Strategy) as well as additional entries are only offered to our signal subscribers. Our daily signals will be sent from Mon-Fri at 7:15 am GMT to all subscribers.
/go?link=https://www.maimar.co/signals/
