EURUSD has pared most of its losses made today morning. The pair opened slightly lower and jumped more than 50 pips on board based dollar selling. The failure of negotiations of EU and UK on Brexit and Germany’s Merkel Christian Social Union conservative allies has lost their majority in crushing vote in the Bavarian state. Markets eye US retails sales data which is to be released today for further direction.
On the higher side, near term strong resistance is around 1.1620 (20- day MA) and any break above targets 1.1660/1.1720.The pair should break above 1.1800 for further bullishness continuation.
The near term minor support is around 1.1500 and any violation below targets 1.1460/1.1430. Any convincing break below 1.1430 confirms major bearishness.
It is good to buy on dips around 1.1550 with SL 1.1500 for the TP of 1.1700
