12May
forex-trading3

IForex Market Trading Signals and News of 12th May 2014

TRADING TIPS

EUR/USD
EUR/USD was down 0.52% at 1.3768, up from a session low of 1.3755 and off a high of 1.3844.The pair was likely to find support at 1.3673, the low from April 4, and resistance at 1.3994, Thursday’s high.The European Central Bank this week left interest rates unchanged at 0.25%, though the euro dropped after ECB President Mario Draghi said the bank’s governing council is comfortable with acting at its next meeting after the bank publishes fresh inflation and growth forecasts.Draghi attributed weak inflation rates to food and energy prices, but added that the strong euro and weak domestic demand are also pushing down inflation.He reiterated that the ECB does not have a target for the euro exchange rate but stressed that the bank would closely monitor exchange-rate developments..

EUR/GBP
EUR/GBP was down 0.08% at 0.8168, up from a session low of 0.8163 and off a high of 0.8183.The pair was likely to find support at 0.8158, the low from Feb. 17, and resistance at 0.8248, Thursday’s high.The European Central Bank this week left interest rates unchanged at 0.25%, though the euro dropped after ECB President Mario Draghi said the bank’s governing council is comfortable with acting at its next meeting after the bank publishes fresh inflation and growth forecasts.Draghi attributed weak inflation rates to food and energy prices, but added that the strong euro and weak domestic demand are also pushing down inflation.He reiterated that the ECB does not have a target for the euro exchange rate but stressed that the bank would closely monitor exchange-rate developments.

RECOMMENDATION:
1. Buy GBP/USD Above 1.6960- TG: 1.6980/ 1.7010 SL 1.6930
2. Sell GBP/USD Below 1.6930- TG: 1.6910/ 1.6880 SL 1.6960

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