- EUR/USD has pared some of its gain in European session after hitting high of 1.23873. US dollar is showing huge selling pressure despite easing US-China trade war worries. The pair upside was also supported by hawkish statement of ECB Governing council member Nowotny. Market eyes ECB President Draghi speech, US CPI and Fed minutes meeting for further direction. The pair hits low of 1.23350 (50- day MA) and is currently trading around 1.23743.
- The pair is facing minor near term support is around 1.23350 (50- day MA) and any break below will drag the pair down till 1.2260/1.2200. Overall bearish continuation below 1.2165.
- On the higher side, near term resistance is around 1.2400 and any convincing break above will take the pair to next level till 1.24450 (Mar 7th 2018 high)/1.2470.Major bullishness only above 1.2550.
It is good to buy on dips around 1.2345-50 with SL around 1.2300 for the TP of 1.2445/1.2470.
Resistance
R1-1.2400
R2 – 1.2445
R3- 1.24700
Support
S1-1.23350
S2- 1.2300
S3- 1.2260
