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FxWirePro: Buy EURUSD above 1.13100

Major resistance- 1.3100 (high made on Feb 14th 2019)

 

Major support -1.12340 (low made on Feb 15th 2019)

 

EURUSD has shown a good recovery of more than 70 pips after forming a minor bottom around 1.12340. The pair jumped till 1.13064 and has closed around 1.12909.

 

Major economic data released in previous week are

 

US retail sales- Weak

 

US CPI Slightly positive

 

German GDP Flat

 

Economic data next week

 

FOMC meeting minutes (Feb 20th 2019)

 

US durable goods order (Feb 21st 2019)

 

ECB Draghi speech (Feb 22nd 2019)

 

On the higher side, pair has formed almost a double top around 1.13100 and any violation above targets 1.3416 (Feb 13th high)/1.13767 (50% fib)/1.1397-1.1400 (300- 8H EMA and 200- 8H MA).

 

The near minor support is around 1.12570 and any break below will drag the pair to next level till 1.12340/1.12150. Any violation below 1.1215 confirms bearish continuation.

 

It is good to buy above 1.13100 with SL around 1.12570 for the TP of 1.1400.

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