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US dollar continued to receive safe-haven bids as nervous investors sought shelter amid stock-market volatility.
EUR/USD edged down 0.1% to 1.2233 extending its low. Key resistance at 1.2295. Currently, it has crossed above the 50-period moving average, but remains capped by the key resistance at 1.2295. Since February 8, the pair has failed repeatedly to overcome the overhead resistance at 1.2295, and all highs made by the pair have been further below that level. As long as the level of 1.2295 is not surpassed, the pair stands higher chance of returning to 1.2210 on the downside. Alternatively, above 1.2295, expect a bounce toward 1.2350 on the upside.
On the data slate there’s Switzerland CPI; US 3- and 6-Month Bill Auctions and US Monthly Budget Statement.
My Personal Trading Plan
SELL EUR/USD @ 1.2275 OR BETTER – STOP @ 1.2325 – TARGET @ 1.2175
SELL GBP/USD @ 1.3875 OR BETTER – STOP @ 1.3930 – TARGET @ 1.3780
BUY USD/JPY @ 108.20 OR BETTER – STOP @ 107.75 – TARGET @ 109.10
SELL CL0318 @ 59.95 OR BETTER – STOP @ 60.50 – TARGET @ 58.70
SELL AUD/USD @ 0.7850 OR BETTER – STOP @ 0.7900 – TARGET @ 0.7780
SELL XAU @ 1320 OR BETTER – STOP @ 1328 – TARGET @ 1295
SELL XAG @ 16.40 OR BETTER – STOP @ 16.90 – TARGET @ 15.60
THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.
If You are New in Forex --> Read Forex Education Center / Volume I.