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Major support - 1.12000
EURUSD has formed a double bottom around 1.1200 and shown a minor recovery till 1.12469 level at the time of writing and is currently trading around 1.12393.
In the hourly chart the pair is holding above 20- MA around 1.1215 and touched 55 EMA at 1.12470.Any break above 1.12470 confirms slight bullishness and a jump till 1.12650-1.2700 is possible. The 4 hour chart also confirms minor bullishness. It is trading well above 200- 4H MA at 1.12130 and slightly above 300- 4H EMA around 1.12370.Any major trend reversal only above 1.134500.
On the flip side, near term major support is around 1.12000 and any indicative break below will drag the pair till 1.11750/1.11500.
It is good to buy on dips around 1.12300-25 with SL around 1.1200 for the TP of 1.13400.
