Market Brief / 21-11-2017

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EUR/USD fell after German Chancellor Angela Merkel admitted failure in forming a coalition government almost two months after a general election.

EUR/USD marked a day-low of 1.1720 in Asian trading hours before swinging up to 1.1808 in Europe’s open. The pair finally closed at 1.1732, down 0.5% on day.

EUR/USD seems weak for now and the resistance is at 1.1770 with targets at 1.1720 and 1.1650 in extension. Alternatively, above 1.1770 look for further upside with 1.1810 and 1.1850 as targets.

On the data slate there’s Switzerland Trade Balance; UK Public Finances; UK Central Government NCR; UK Public Sector Borrowing; US Chicago Fed Nat Activity Index; US Existing Home Sales and US Fed’s Yellen Speaks at Stern Business School.

My Personal Trading Plan
SELL EUR/USD @ 1.1755 OR BETTER – STOP @ 1.1810 – TARGET @ 1.1650
SELL GBP/USD @ 1.3265 OR BETTER – STOP @ 1.3295 – TARGET @ 1.3210
BUY USD/JPY @ 112.20 OR BETTER – STOP @ 111.80 – TARGET @ 113.10
SELL CL1217 @ 56.80 OR BETTER – STOP @ 57.40 – TARGET @ 55.10
SELL AUD/USD @ 0.7570 OR BETTER – STOP @ 0.7635 – TARGET @ 0.7500
SELL XAU @ 1282 OR BETTER – STOP @ 1290 – TARGET @ 1270
SELL XAG @ 17.30 OR BETTER – STOP @ 17.70 – TARGET @ 16.60

THE ABOVE BRIEF IS MY PERSONAL OPINION AND DOES NOT CONSTITUTE ANY PROMISES OR GUARANTEES OF PROFITS. TRADING IN CURRENCIES AND COMMODITIES ARE HIGH RISKS. YOU SHOULD NOT TAKE ANY MATERIAL POSTED AS RECOMMENDATION.

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