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FxWirePro: EUR/USD trades weak, good to sell on rallies

  • EUR/USD declined almost 150 pips after hitting fresh 3- year high on Friday on better than expected  US housing and building permits. The pair hits low of 1.23880. It is currently trading around 1.24078.
     
  • US housing starts jumped almost 10% in Jan to an annual rate of 1.33 million and building permits also hit a 10-1/2 high to 1.40 M compared to forecast of 1.29 M.
     
  • The pair is facing near term resistance of 1.2440 (55- H EMA) and break above will take the pair till 1.250 (61.8% fib)/1.2650/1.2700. Bullish continuation can be seen above 1.2540.
     
  • On the lower side, near term support is around 1.24600 (23.6% fib) and any violation below will drag the pair to next level till 1.2430/1.2380/1.2300. Minor weakness can be seen only below 1.2200.

It is good to buy on dips around 1.2525-30 with SL around 1.24800 for the TP of 1.26125/1.2635.

 

 

 

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ARAnnual Primary Balance*

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