Major resistance – 1.12400
EURUSD trades higher and recovered sharply more than 70 pips on broad-based US dollar selling. DXY gained on Safe-haven demand after the US strikes Baghdad and killed Qassem Suleimani. US President Trump threatened with more strikes if Iran attacks Citizen. It hits an intraday high of 1.12054 and is currently trading around 1.12038.
US ISM manufacturing index came at 47.2% in Dec, much worse since 2009. The Eurozone Dec final services PMI 52.8 vs. 52.4 and slight upbeat is further boosting Euro.
Technically near term major resistance is around 1.1245 and any indicative break above targets 1.12885/1.1300.
On the flip side, major support stands around 1.1180 and the break below will drag the pair down till 1.11250/1.1100.
It is good to buy on dips around 1.1180 with SL around 1.1145 for the TP of 1.12850.
