The GBP recovered on Tuesday on rising hopes of a breakthrough in Brexit negotiations. European Union negotiators said on Friday an agreement with Britain was "very close" and European Commission President Jean-Claude Juncker said on Saturday a deal would be reached in November, if not this month. We used GBP/USD dip to open a long position at 1.3050.      

The EUR remains volatile on worries about the tension between the European Union and Italy over that country's budget. The long lower wick on today's candle suggests a recovery is due. We remain long.

This is how we trade now:

EUR/USD

Trading strategy: Long

Open: 1.1530

Target: 1.1750

Stop-loss: 1.1430

Recommended size: 1.50 mini lots per $10,000 in your account

Short analysis: RSIs are biased down and the pair holds below the daily cloud as well as a slew of daily moving averages. The long lower wick on today's candle suggests a recovery is due. We remain long.

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