- EUR/USD has pared its early gains and trades below 1.2300. The pair has declined almost 50 pips from the high of 1.23408. Euro gained slightly on Friday after US jobs data. The pair dipped till 1.22904 and is currently trading around 1.22955.
- Euro speculative long positions declined to 2- week lows. US imposed tariffs on Steel and aluminum exempting Canada, Mexico and Australia. Market awaits clarity on trade tariff plan for further direction.
- The pair is facing near term resistance of 1.2360 and break above will take the pair till 1.2400/1.2435/1.2500. Bullish continuation can be seen above 1.2550.
- On the lower side, near term support is around 1.2270 and any violation below will drag the pair to next level till 1.2200/1.2165.
It is good to buy on dips around 1.2275-80 with SL around 1.2230 for the TP of 1.2355/1.2400.
