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Intraday trend – Bearish
Major intraday resistance – 1.12750
The pair has shown a minor pullback after a sell-off of more than 350 pips this month. The policy divergence between US Fed and ECB is putting pressure on Euro at higher levels. US personal income jumped to 0.50% and headline PCE surged 5.0% YOY above expectations of 4.6%. US real GDP came at 2.1% in Q3 at annualized rate vs. an estimate of 2.2%. It hits an intraday high of 1.12261 and is currently trading around 1.12223. Markets eye ECB monetary policy meeting accounts for further direction.
Any breach below 1.11800 confirms further bearishness. A dip till 1.1150/1.100 is possible.
The immediate resistance to be watched is 1.1230; any violation above will take the pair to 1.12750/1.1300/1.13625/1.1400.
Indicators (1-hour)
Directional movement index –Neutral
CCI (50) - Bearish
It is good to sell on rallies around 1.1258-60 with SL around 1.1300 for a TP of 1.1150.
