The euro dropped in early Asia trading after Catalan separatists won the snap election in the region, reflecting once again Catalonia’s desire for independence from Spain. We were able to benefit from the downward move as our short trade hit the larger profit target at 1.1818. As long as the euro remains above 1.1760 we maintain a neutral stance in the EUR/USD. On the upside, a break above 1.1925 could spark some bullish momentum towards 1.1970.
The U.S. dollar slightly weakened against most of its major peers on the back of an unexpected downgrade of the third-quarter U.S. GDP, but the market’s reaction was muted in thin pre-holiday trade. The PCE deflator along with Durable Goods Orders is scheduled for release today at 13:30 UTC but with many market participants already being offline ahead of the Christmas holiday we do not expect larger market swings.
The pound sterling continued to trade within a narrow sideways trading range between 1.3390 and 1.3330 and thus, none of our yesterday’s entries was triggered.
U.K. Q3 GDP figures are scheduled for release at 9:30 UTC but no changes are expected. We expect GBP/USD to trade between 1.3450 and 1.3250 in the near-term.
We wish all traders and readers Merry Christmas and a Happy New Year 2018!
Christmas Trading Break: There will be no signal service during our Christmas holiday break between December 25 and January 4. Our signal service will be resumed on January 4.
View our daily signal alerts http://www.maimar.co/category/daily-signals/
Subscribe to our daily signal service http://www.maimar.co/signals/
We wish you good trades and many pips!
Any and all liability of the author is excluded.
Copyright © All Rights Reserved 2017 Maimar-FX.