USD Longs see profit taking
The USD began the Asian session on a weak note as the Fed minutes failed to press the hawkish button even further, which disappointed the USD bulls, leading to a bout of profit taking in the greenback.
GBP resilient to weak UK data
A larger-than expected drop in the UK retail sales did push the GBP/USD to a low of 1.5227, but the weakness lasted
for only few minutes. The cable quickly made its way back to trade around 1.5260 and extended gains to near 1.53 levels in the NY session.
EUR/USD - break on 4-hour chart
The pair finally witnessed a break on the 4-hour chart. Following a divergence, the pair closed above the 4-hour 50-Ma for the first time since Oct 20th. The doors are now opened for a corrective rally to 1.0835.
Trade recommendation- Long EUR/USD 1.0730 Target 1.0830 Stop loss 1.0675