Trading recommendations for the EUR / USD pair on August 12
Analysis of transactions
A good report on industrial production in the euro area may raise the euro in the market this morning. However, a downward move could still occur afterwards, as data on inflation in the US will also be published, which will keep the bear market in the EUR / USD pair. Thus, sell transactions are the most recommended today for trading.
- Buy positions when the quote reaches a price level of 1.1755 (green line on the chart), targeting a rise to the level of 1.1802. The increase may occur after the release of a good report on eurozone industrial production. Take profit when the quote reaches 1.1802.
- Sell positions after the quote reaches the price level of 1.1712 (red line on the chart), targeting a fall towards the level of 1.1652. But before selling, wait for the publication of the report on US inflation, as data worse than forecasts ensures a price decrease in the market. Take profit at a price level of 1.1652.
Trading recommendations for the GBP / USD pair on August 12
Analysis of transactions
The pound arose even amid the bad UK economic recovery report. Nonetheless, if a downturn occurs in the market this morning, open short positions to decrease the price of the GBP / USD pair.
- Buy positions when the quote reaches a price level of 1.3063 (green line on the chart), targeting a rise to the level of 1.3111 (thicker green line on the chart). However, an increase may happen only if the data on US inflation comes out worse than the forecast. Take profit when the price reaches 1.3111.
- Sell positions after the quote hits a price level of 1.3023 (red line on the chart), a breakout of which will lead to a rapid decline in the pair. Sellers need support in the form of a good rise in US inflation, which is due to come out this afternoon. The target and take-profit level is 1.2965.
