FxWirePro: EUR/USD bid on Iran deal optimism , upside pressure builds

• EUR/USD firmed    on Wednesday  as possible peace deal between Washington and Tehran boosted risk appetite.

• Iran said it is reviewing a new U.S. proposal after reports that both sides are nearing a one-page memorandum aimed at ending the Gulf war...

• Crude fell nearly 7%, leaving energy as the only major STOXX sector in the red with a 2.5% drop. Lower oil prices, however, boosted oil-sensitive travel stocks, which surged 5.8% to lead sectoral gains..

• Money markets now price a 67.6% chance of a European Central Bank rate hike in June, down from nearly 85% on Tuesday..

•On the economic data front, Eurozone services activity contracted in April for the first time in nearly a year, as demand weakened amid the Middle East conflict.

• Immediate resistance is located at 1.1791(Daily high), any close above will push the pair towards 1.1157 ( Sep 6th high).

• Strong support is seen at 1.1733 (50%fib) and break below could take the pair towards 1.1685 (Daily low).

  Recommendation: Good to buy  around 1.1740 , with stop loss of 1.1650  and target price of 1.1800