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- EURUSD has broken the Aug low of 1.1823 on German political uncertainty after elections. The pair declined till 1.18100 and is currently trading around 1.17903.
- German Mrs Merkel won for the fourth term as chancellor but ADF success could hinder Eurozone. Market awaits Fed chairman and ECB’S Praet speech today for further direction.
- Technically pair has closed below 1.1870 (233- 4H MA) and this confirms major weakness, a decline till 1.17600 (55- day EMA)/1.1700 likely.
- On the higher side, near term resistance around 1.18700 and any break above will take the pair to next level till 1.19250 (20- day MA)/1.1965/1.2000. Overall bullish continuation only above 1.20925.
It is good to sell on rallies around 1.1830-1.1835 with SL around 1.1872 for the TP of 1.1765/1.1700.
Resistance
R1- 1.1870
R2 1.1900
R3-1.1925
Support
S1- 1.1765
S2-1.1700
S3-1.1660
