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EUR/USD higher gradually on market pricing for ECB taper announcement on today’s meeting


EUR/USD higher gradually on market pricing for ECB taper announcement on today meeting (cons. APP reduced to EUR30 Billion per month and extend for further 9 months) any surprise will add more choppy move for EUR and EUR cross; beside, US stock and yield replacement driven some USD weakness also support EUR on lower side, later US trade balance, initial jobless claims, wholesale inventories and pending home sales as well as stock/bond market move might have some intraday impact, support at 1.1735 and resistance at 1.1880; today prefer to buy on dips with tight stop strategy.

USD/JPY consolidation above 113.50 with overnight hit 114.25 fresh 3 months high before some replacement that follow US stock and yield correction effect, Nikkei up +0.15% to 21739.78 and steady risk sentiment will remain to support the pair, technical USDJPY stay above 112 remain on uptrend and looking for 115 and then 117; today US data, EUR/JPY cross movement, and stock/bond market move will dominate the intraday action, support at 113.30 and resistance at 114.50; today prefer keeping buy on dips with tight stop strategy.

GBP/USD higher after better Q3 GDP data overnight and driven more pricing on Nov 2 BOE hike rate (84% pricing) and more short covering of GBP cross effect, overall the uncertainty for Brexit remains and the upcoming data will still direct the currency movement, today ECB meeting and US data, as well as stock/bond market move, will direct the intraday action, support at 1.3175 and resistance at 1.3270; still prefer in range trading with tight stop strategy.

USD/CHF remain to follow broad USD direction and overnight retrace slightly but EURCHF higher still indirectly support the pair, today ECB meeting will have some impact for the pair as linked with EURCHF cross action, also US data and stock/bond market move will have small intraday impact, support at 0.9870 and resistance at 1.0000-10; today prefer keeping buy on dips with tight stop strategy.

EUR/JPY continue grid higher with steady stock and higher EUR effect ahead of ECB meeting today, market expect taper starts and size and duration for taper will be key for the EUR and EUR cross next direction, also US data and stock/bond market move will have small intraday impact, support at 134.00 and resistance at 135; today prefer keeping buy on dips with tight stop strategy.

EUR/GBP retrace down overnight after better than expect UK 3rd Quarter GDP data and some pullback after hit 0.8975 and sentiment remain bullish in short-term ahead of ECB meeting later, market expect taper announcement and next move depend on EURUSD legs action, also UK CBI distributive trade survey, US data, and stock/bond market move will have some intraday impact, support at 0.8900-10 and resistance at 0.9000; today prefer keeping buy on dips with tight stop strategy.

GOLD grid higher on short covering after USD replacement overnight with US stock and UST yield correction lower slightly effect, today ECB meeting and broad USD move will still dominate the intraday move, also US data and stock/bond market move will have some intraday impact as well, ETF’s inflow and physical demand continue to support the GOLD on the downside, support at 1275 and 1269 with resistance at 1283 and 1288; today prefer to buy on dips with tight stop strategy.

SILVER up slightly in the same direction of GOLD and broad USD correction leading more support for silver as well, today ECB meeting, US data and stock/bond market move will dominate the intraday action, support at 16.90 and resistance at 17.45; today prefer to buy on dips with tight stop strategy.


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