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FxWirePro: EUR/USD Trade Idea

  • EUR/USD pared its minor loss made in the Asian session after release of better tha nexpected German IFO data. German IFO business confidence data came at 101.8 in May compared to forecast of 101.90 but did slightly better than expected in Jun.  The pair hits intraday low of 1.16278 and shown a minor recovery.The upside potential is limited The policy divergence between US Fed and ECB is dragging the Euro further down. Short term trend is still weak as long as resistance 1.1850 holds. It is currently trading around 1.16850.
     
  • On the higher side, near term major intraday resistance is around 1.16720 (20- day MA) and any convincing break above will take the pair to next level till 1.1750/1.1800/1.18515 .Minor bullishness only above 1.1850.
     
  • The near term major support is at 1.1630 (200- HMA) and any convincing break below will drag the pair to next level till 1.1600/1.1500.

It is good to buy on dips around 1.1600 with SL around 1.1550 for the TP of 1.1700/1.1745.

Resistance

R1- 1.16720
 

R2 –1.1750
 

R3- 1.1800

Support               
 

S1- 1.1630
 

S2-1.1600
 

S3-1.1500

 

 

 

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