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EUR/USD Signal - EU Manufacturing and Services - 23 Aug 2016

Signal details
Entry Price: 
1.1310
Close Price: 
1.1305
Direction: 
High
Expiry Time: 
20:00 GMT
Result: 
OTM
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The EUR/USD has been moving after PMI data from the European Union released by Markit Economics this morning has been a little better than expected for certain components. The reading is over 50 and this is bullish for the EUR/USD, which should be supported by it until the end of the day and then eventually grow further.

Presumably the pair would continue exploring the 1.1310 -30 area around which it has been wandering the last couple of days. The 1.1310 zone was seen as a strong support for the pair on Friday when it formed a base around it, which is indicative that there was strong demand and high interest of buying around it.

Yesterday the EUR/USD pair tested the 1.1310-13 area twice and bounced to the upside afterwards. With all this in mind we can conclude that today we would be buying daily calls at the target price of 1.1310 heading into the 20:00 GMT expiration.

Disclaimer: The article is written for informative purposes only and it is not financial advice. The author does not have any position in the currency pairs mentioned, and no plans to initiate a position. He wrote the article himself and expressed his own opinions. He has no business nor personal relationships with any mentioned government entities or stocks. Readers should not treat any opinion expressed by the author as a specific inducement to make a particular trade or follow a particular strategy, but only as an expression of his opinion.