- EUR/USD shown a minor decline after huge jump on Tuesday. The pair declined below major psychological support 1.1800 on account of slightly better than expected US economic data. US CPI data came in in line with estimate. It is currently trading around 1.17760.
- US CPI came at 0.1% monthly basis and by 2.0% YOY. The core CPI on the annual basis shown a slight uptick from to 1.8% from 1.7%.
- Technically, the pair is facing major resistance at 1.1880 (Oct 12th 2017 high) and any break above will take the pair to next level till 1.1928/1.1200. It should break above 1.1209 high made on Sep 8th 2017. The near term resistance is around 1.1800 and any break above will take the pair to next level till 1.1825/1.1860.
- On the lower side, major support is around 1.17360 (100- day MA) and any break below will drag the pair to next level till 1.1700/1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.1755-1.1760 with SL around 1.1700 for the TP of 1.1880/1.1928.
