The U.S. dollar weakened slightly against the euro and British pound Wednesday. After peaking at a daily high of 1.0946 the euro, however, shied away from its resistance at 1.0950 and dropped back below 1.09. If the EUR/USD remains unable to take the hurdle at 1.0950 we expect further losses towards 1.08. In case of a rise above 1.0965 it may head for a test of 1.10. The greenback will be back in focus within the next 48 hours with Durable Goods Orders scheduled for release today at 12:30 UTC and Gross Domestic Product data due tomorrow. GDP data and the nonfarm payrolls report next week will offer further clues on the health of the U.S. economy.
The pound sterling broke out of its current trading range and climbed above 1.2250. The rise was due to better than-expected U.K. GDP figures. It now may head for a test of 1.2320 but be careful, the risks are currently rather still geared to the downside and it only takes one negative impulse to reinvigorate fresh bearish momentum in the GBP/USD. Sterling faces a current resistance at 1.2272 and as long as this level remains unbroken sterling bears could take the opportunity and sell the currency at higher levels.
Here are our daily signal alerts:
EUR/USD
Long at 1.0915 SL 25 TP 17, 30
Short at 1.0870 SL 25 TP 17, 30
GBP/USD
Long at 1.2225 SL 25 TP 20, 40
Short at 1.2170 SL 25 TP 17, 60
We wish you good trades and many pips!
Disclaimer: Any and all liability of the author is excluded.
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