- EUR/USD was trading weak yesterday and declined almost 125 pips in this week. Despite weak economic data USD was trading higher against all majors. US trade deficit widened to USD 57.6 bn in Jan and US jobless claims rose by 24k to 242k. The pair declined till 1.22156 and is currently trading around 1.22411. US economy expected to add 189K for the month of Mar compared to previous month 313K. Wage growth is expected to show a minor jump which his key focal point. It is currently trading around 1.22658.
- The pair is facing minor near term support is around 1.2200 and any break below will drag the pair down till 1.2165/1.2090. Overall bearish continuation below 1.2165.
- On the higher side, near term resistance is around 1.2260 and any hourly close above will take the pair to next level till 1.2345/1.2380/1.2435.Major bullishness only above 1.2550.
It is good to buy on dips around 1.2250 with SL around 1.2200 for the TP of 1.2345.
Resistance
R1-1.2260
R2 – 1.2320
R3- 1.2345
Support
S1-1.2200
S2- 1.2165
S3- 1.2090
