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EUR/USD has pared most of its gains made yesterday after Euro flash PMI data. Euro slight jump on yesterday was mainly due to Brexit optimism. The ECB meetings doesnt have much impact as the policy makers are planning to exit QE by Dec 2019 and slightly worried about global growth and slowing inflation due to declining crude. The spread between German and Italy has reduced to 308 basis point from 335 basis point. Euro flash manufacturing and services PMI came slightly weaker than expected. The pair has slipped more than 70 pips from today’s high. It is currently trading around 1.13533.
Technically near term resistance is around 1.14350 and any break above targets 1.1470 (55- day EMA)/ 1.1500/1.15500. The pair should break above 1.16200 for further bullishness.
On the lower side, near term support is around 1.1360 (20- day MA) and any convincing break below targets 1.1300/1.1215.Major trend reversal below 1.12000.
It is good to sell on rallies around 1.1380-85 with SL around 1.1435 for the TP of 1.1300/1.1200.
Resistance
R1- 1.1435
R2 - 1.1470
R3- 1.1500
Support
S1- 1.1360
S2- 1.1300
S3- 1.1200
EUR/USD has pared most of its gains made yesterday after Euro flash PMI data. Euro slight jump on yesterday was mainly due to Brexit optimism. The ECB meetings doesnt have much impact as the policy makers are planning to exit QE by Dec 2019 and slightly worried about global growth and slowing inflation due to declining crude. The spread between German and Italy has reduced to 308 basis point from 335 basis point. Euro flash manufacturing and services PMI came slightly weaker than expected. The pair has slipped more than 70 pips from today’s high. It is currently trading around 1.13533.
Technically near term resistance is around 1.14350 and any break above targets 1.1470 (55- day EMA)/ 1.1500/1.15500. The pair should break above 1.16200 for further bullishness.
On the lower side, near term support is around 1.1360 (20- day MA) and any convincing break below targets 1.1300/1.1215.Major trend reversal below 1.12000.
It is good to sell on rallies around 1.1380-85 with SL around 1.1435 for the TP of 1.1300/1.1200.
Resistance
R1- 1.1435
R2 - 1.1470
R3- 1.1500
Support
S1- 1.1360
S2- 1.1300
S3- 1.1200
