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FxWirePro- EURUSD Intraday trade idea

Intraday trend – Bearish

 

Major intraday support– 1.080

 

The pair lost its shine and held below 1.1000 on board-based US dollar buying. Russia will face more sanctions from the west after the killing of civilians in Bucha. It has increased the demand for Safe-haven assets.

 

The pair hits a low of 1.09604 yesterday and is currently trading around 1.09820.

 

US Factory orders' dropped to -0.5% in Feb, the first time in 10 months.  Markets eye US ISM services PMI for further direction.

Technical-

Any breach below 1.09400 confirms a bearish continuation, a dip to 1.0900/1.0770/1.0300 is possible.

 

The immediate resistance to be watched is 1.1000 any violation above will take the pair to 1.1050/1.1100/1.1150.

 

Indicators ( 4-hour)

 

Directional movement index –Bearish

 

CCI (50) – Bearish

 

It is good to sell on rallies around 1.1000 with SL around 1.1050 for a TP of 1.0300.

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