May 31 2018

Trade Idea for the day

EURUSD: – A sharp recovery in the pair from support of 1.15, above 1.650 now. Technical indicators like MACD crossover above zero line with RSI towards overbought territory giving sell signals.

Our Preference: – Sell Above 1.1670

Target – 1.1630-1.1640

Stop loss – 1.1685

GBPUSD: – Recovered from lows of 1.3230 levels likely to take resistance around the horizontal blue line on top, currently trading above 21 day SMA. Momentum indicators MACD above zero line and RSI giving sell signals.

Preference: – Sell above 1.3315

Target – 1.3270-1.3280

Stop loss – 1.3233

USDJPY: – Likely to take resistance on upside and head lower towards 108.50. Technical indicators like MACD below zero line and RSI giving neutral signs.

Our Preference: – Sell above 108.75

Target – 108.50-108.60

Stop loss – 108.85