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Intraday trend – Neutral
Major intraday Support– 1.1260
The pair is directionless for the past week. Markets eagerly await US Fed monetary policy for further direction. The spread of the Omicron virus in Europe has increased demand for safe-haven assets like the US dollar. The US dollar index is trading flat for the fourth consecutive week. Any breach above 97 confirms further bullishness. It hits an intraday high of 1.12878 and is currently trading around 1.12873.
Economic data-
US PPI – 1:30 pm GMT
Any breach below 1.12300 confirms intraday bearishness. A dip till 1.1180/1.1130/1.0860 is possible.
The immediate resistance to be watched is 1.1360; any violation above will take the pair to 1.1400/1.1435.
Indicators (4-hour)
Directional movement index –bearish
CCI (50) - Bearish
It is good to sell on rallies around 1.1328-30 with SL around 1.13750 for a TP of 1.1180.
