EUR/USD uptrend intact, pair stages a nice recovery from day's lows at 1.1352, extending gains for a a third straight session.
- Broad based USD weakness on account of falling Fed rate hike bets and moderate weakness in the European equities supporting the pair higher
- Pair ignores ECB's Coeure comments that it is too early to decide on more QE, trading to remain thin on account of U.S. holiday
- The single currency is likely to track sentiment across the European indices amid a data-deficient macro trading session today
- EUR/USD is at the time of writing trading at 1.1390, technicals point North, price action has edged above the cloud, RSI confirms bullish bias
Recommendation: Good to buy dips around 1.1380/85, SL: 1.1355, TP1: 1.1440, TP2: 1.1460
Resistance Levels:
R1: 1.1440 (Sept 17 high)
R2: 1.1460 (Sept 18 high/ trend line resistance)
R3: 1.1475 (61.8% Fibo 1.1715-1.1088)
Support Levels:
S1: 1.1351 (Session Low Oct 12)
S2: 1.1333 (Hourly Low Oct 9)
S3: 1.1317 (Daily Cloud Top)
