6Oct
forex-trading3

IForex Market Trading Signals and News – 06 October 2014

TRADING TIPS :

  • Forex-U.S. stocks shoot up on robust U.S. jobs report; Dow rises 1.24%.
  • Forex-Pound pushes sharply lower vs. stronger dollar.
  • Forex- Dollar remains near 4-year peak as U.S. data supports.

EUR/USD
EUR/USD hit fresh two-year lows of 1.2505, and was last down 1.30% to trade at 1.2504.The euro showed little reaction after official data showed that euro zone retail sales rose 1.2% in August, beating expectations for an uptick of 0.1%, after 0.4% fall in July. Earlier Friday, Markit said the euro zone services purchasing managers’ index ticked down to 52.4 in September from 52.8 the previous month, confounding expectations for the index to remain unchanged. Markit also reported that Germany’s services PMI rose to 55.7 last month from a reading of 55.4 in August, while France’s services PMI fell to 48.4 in September from 49.4 in August.

GBP/USD
GBP/USD hit 1.5965 during U.S. morning trade, the pair’s lowest since Novemer 2013; the pair subsequently consolidated at 1.5969, down 1.09%.Cable was likely to find support at 1.5852 and resistance at 1.6159, the session high.The Institute of Supply Management said its non-manufacturing purchasing managers’ index slipped to 58.6 in September from a reading of 59.6 in August. Analysts had expected the index to fall to 58.5 last month.Earlier Friday, the Department of Labor said the U.S. economy added 248,000 jobs in September, more than the expected 215,000 increase. The number of jobs created in August was revised to 180,000 from a previous estimate of 142,000.In addition, the U.S. unemployment rate ticked down to 5.9% last month, from 6.1% in August. Analysts had expected the rate to remain unchanged.A robust U.S. jobs report coupled with a soft U.K. service-sector gauge sent the pound dropping to near 11-month lows against the dollar on Friday.

RECOMMENDATION :

1. Buy EUR/USD Above 1.2521-TG:1.2541/1.2571 SL 1.2491
2. Sell EUR/USD Below 1.2445-TG:1.2425/1.2395 SL 1.2475

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