Trading recommendations for EUR / USD on August 17
Analysis of transactions
A sell signal was formed in the euro after the quote tested the support level of 1.1802. However, it did not lead to a significant downward movement in the pair, as after declining by about 17 points from the level, a reversal occurred with which the quote resumed rising in the chart.
Demand for the US dollar decreased after the release of a weak report on US retail sales. The latest data indicated that the growth rates of the indicator continue to slow down, which puts pressure on the economy as a whole, since the bulk of GDP depends on the growth of consumer spending.
Today, no important macroeconomic reports are scheduled to be published, which may hold buy transactions for the European currency.
- Buy positions when the quote reaches a price level of 1.1869 (green line on the chart), targeting a rise towards the level of 1.1908. Take profit at the level of 1.1908.
- Sell positions when the quote reaches a price level of 1.1840 (red line on the chart), targeting a drop to the level of 1.1795. Take profit at the level of 1.1795.
Trading recommendations for GBP / USD on August 17
Analysis of transactions
Buy transactions from the price level of 1.3085 brought over 40 pips of net profit, thereby pushing the quote to the level of 1.3127. The quote attempted to overcome this level but failed, so the pound fell immediately afterwards in the chart.
No important macroeconomic data is expected today, so the further direction of the pair will depend on the activity of the bulls in the market.
- Buy positions when the quote reaches a price level of 1.3111 (green line on the chart), targeting a rise to the level of 1.3160 (thicker green line on the chart). However, a strong upward move is not really expected today, so take profit at the level of 1.3160.
- Sell positions after the quote hits the level of 1.3075 (red line on the chart), as a breakout of which will lead to a rapid decline in the pair. The target level is 1.3021, where it is best to exit the market for profit.
