Euro firmed against the dollar early on Wednesday after solid euro zone data tempered prospects of additional stimulus from ECB before the year-end.
- Data on Tuesday showed euro zone banks had loosened their lending standards more than expected over the last few months despite the recent global market volatility
- The euro rose 0.1 percent to 1.1353 against the Greenback, adding to Tuesday's modest gains after it had struck a 10-day trough of 1.1306 at the start of the week
- EUR/USD is currently trading at 1.1359, with immediate resistance at 1.1381 (Daily Tenkan) and support at 1.1345 (4h 10 SMA)
- RSIs are biased up, price action is above the cloud and cloud widening is seen, we could see some upside momentum in the pair
Recommnedation: Good to buy dips around 1.1355, SL: 1.1320, TP: 1.1390
Resistance Levels:
R1: 1.1381 (Daily Tenkan)
R2: 1.1387 (Session high Oct 20)
R3: 1.1420 (Daily High Oct 16)
Support Levels:
S1: 1.1325 (Session low Oct 20)
S2: 1.1306 (Daily Low Oct 19)
S3: 1.1284 (Daily Cloud Top)
