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Two-way trading: May 21st 2015 - 12.15 GMT: Follow us on Twitter for latest updates: Follow @TheFXToday
After a strong 48 hours, the dollar was unable to break key EUR/USD support in the 1.1060 area and retraced to a peak around 1.1180 as frustrated shorts looked to bail out for the time-being at least. There will be further Euro short covering of dips, but the dollar should gain underlying support from an improvement in the US data flow. Data in New York today will be important in determining whether the dollar can break key Euro support. For now, look to fade EUR/USD rallies again on any move to the 1.1170 area.
Latest daily trading recommendations: May 22nd 2015: 12.15 GMT (time frame 1-24 hours)
|Currency pair||Latest update||Time (GMT)||Order type||Target entry level||Target 1||Target 2||Status||
|EUR/US$||22-05-15||09.50||Limit order||Sell at 1.1197||1.1165||1.1105||In play||Further support below 1.1100, trailing stop1.1183|
|US$/CHF||21-05-15||12.15||Limit order||Sell at 0.9397||0.9375||0.9355||Pending||Immediate resistance on approach to 0.9400|
|AUD/US$||21-05-15||12.15||Limit order||Buy at 0.7860||0.7885||0.7910||Pending||Resistance now on approach to 0.8000|
|US$/CAD||22-05-15||12.15||Limit order||Sell at 1.2248||1.2215||1.2185||Pending||Resistance above 1.2200|
|GBP/US$||22-05-15||12.15||Limit order||Sell at 1.5673||1.5640||1.5575||In play||Strong support into 1.5450 area, trailing stop 1.5654|
|EUR/GBP||21-05-15||12.15||Limit order||Buy at 0.7055||0.7075||0.7100||Pending||Support on approach to 0.7050|
|US$/JPY||21-05-15||12.15||Limit order||Buy at 120.58||120.80||121.15||Pending||Resistance into 121.50|
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