5Mar
forex signals

Forex Trading Signals and Updates of 5th March 2014

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar and euro higher as risk appetite recovers
Forex – Euro higher vs. dollar as market tensions ease
Forex – Pound trims gains vs. dollar after U.K. construction PMI

EUR/USD

EUR/USD hit session highs of 1.3774 and was last up 0.18% to 1.3759.The pair was likely to find support at 1.3700 and resistance at 1.3791, Monday’s high.Market sentiment was boosted after President Putin said a Russian military deployment in Ukraine is not needed now but the “possibility” still remains, and added that if Russia takes action it will be legitimate.The euro built on earlier gains that came after the Russian defense minister ordered troops engaged in military exercises close to Ukraine’s borders to return to their bases.

GBP/USD

GBP/USD hit session highs of 1.6717 ahead of the data, and was last up 0.07% to 1.6675.Cable was likely to find support at 1.6615 and resistance at 1.6767, Friday’s high.The Markit U.K. construction purchasing managers’ index fell to 62.6 in February from 64.6 in January. Analysts had expected the index to fall to 63.0.The report said heavy rain and flooding in parts of the country had contributed to softer construction output growth in February, especially in house building.

RECOMMENDATION

1. Buy GBP/USD Above 1.6705- TG: 1.6725/ 1.6755 SL 1.6669
2. Sell GBP/USD Below 1.6650- TG: 1.6630/ 1.6600 SL 1.6680

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