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Intraday trend – Bearish
Major intraday support– 1.1280
The pair lost nearly 200 pips yesterday, the biggest daily loss in three months. The war between Russia and Ukraine has increased demand for Safe-haven assets like the US dollar. It hits a four-week low at 1.11063 and regained above 1.1200 on short covering. It is currently trading around 1.11780. The US 10-year yield pull-back caps further the upside of the pair.
The US grew by 7% in the fourth quarter in line with estimates, compared to 6.9% previous quarter. The number of people who have filed for unemployment benefits dropped to 232K this week vs. an estimate of 233K.
Technical-
Any breach below 1.1150 confirms intraday bearishness. A dip till 1.1100/1.080 is possible.
The immediate resistance to be watched is 1.1230; any violation above will take the pair to 1.1265/1.1300/1.1400.
Indicators (4-hour)
Directional movement index –Bearish
CCI (50) – Bearish
It is good to sell on rallies around 1.1228-30 with SL around 1.1265 for a TP of 1.1150.
