Aug 08 2018

Trade idea for the day

EURUSD: Intraday correction/retracement is due after yesterday’s gain in Euro. The pair is trading close to 200 period SMA resistance with a bearish divergence in RSI(14 period).

Our Preference: – Sell at 1.1615

Target – 1.1591

Stop loss – 1.1627

GBPUSD: The pair is trading close to its short term trend-line support, which stood at around 1.2925-27. Stochastic slow is at 29 mark –  about to test its oversold territory.

Our Preference: – Buy at 1.2927

Target – 1.2960 and 1.2972

Stop loss – 1.2916