- EUR/USD has pared some of its gain in European session after hitting intraday high of 1.23795. The reason for minor decline was extension of sanctions on Iran and euro zone industrial Output fell by 0.8% worse than expected. Market eyes ECB monetary policy meeting accounts (Minutes) for further direction. Any hawkish statement by ECB will take the pair till 1.2500. It is currently trading around 1.23410.
- 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.
