EUR/USD Bounce In Progress, Long Opened At 1.1350

The USD ended little changed on Wednesday after reaching a 13-month peak against a basket of currencies. Upbeat figures on U.S. retail sales, manufacturing output and worker productivity supported the greenback and the view of steady U.S. economic growth. But USD sell-off during the North American session suggests a corrective move is due. We opened EUR/USD long at 1.1350 yesterday and today’s price action confirms our bullish view.

This is how MyFXspot.com trades now:EUR/USDTrading strategy: LongOpen: 1.1350Target: 1.1520Stop-loss: 1.1270Recommended size: 1.88 mini lots per $10,000 in your accountShort analysis: The long lower wick on Wednesday’s daily candle suggests a bounce is due. We opened EUR/USD long at 1.1350 today.

GBP/USDTrading strategy: Await signalOpen: -Target: -Stop-loss: -Recommended size: -Short analysis: We could see fading bearish momentum on Wednesday, which improves chances for rebound. The nearest resistance levels are 1.2750 (pivot point) and 10-day MA at 1.2857. We stand aside for now.

USD/JPYTrading strategy: ShortOpen: 111.40Target: 109.40Stop-loss: 112.40Recommended size: 1.66 mini lots per $10,000 in your accountShort analysis: Prices thrown lower after running into the 21- and 30-day MAs by the 111.44 high. We opened a short position at 111.40, as previously assumed. A close below 110.65, 50% of the 108.12-113.18 rise, would put in play Thursday’s 110.37 cloud base, the 61.8% at 110.05 and converging 100- and 200-day moving averages by 109.90. USD/CADTrading strategy: Await signalOpen: -Target: -Stop-loss: -Recommended size: -Short analysis: The USD/CAD peeks above falling daily cloud top, before moving back within the cloud. We do not see clear signals now. Canada’s July inflation report is due on Friday.

AUD/USDTrading strategy: Await signalOpen: -Target: -Stop-loss: -Recommended size: -Short analysis: Pair sets a new long-term low and monthly RSI is biased down to keep overall sentiment bearish. The long lower wick on the daily candle suggests a bounce is due. We will probably sell the bounce, but stay aside for now.

EUR/GBPTrading strategy: LongOpen: 0.8935Target: 0.9050Stop-loss: 0.8880Recommended size: 2.15 mini lots per $10,000 in your accountShort analysis: Profit taken on EUR/USD short at 0.8910, earned: 100 pips, $395 per $10,000 in your account. We think the corrective downward move is done. We opened a long position at 0.8935 now with the target at 0.9050.

Trading ideas by MyFXspot.com

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