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FxWirePro: EURUSD struggles to trade above 2- week high despite dovish Fed meeting minutes and strong Eurozone PMI, good to buy on dips
EURUSD is trading in very tight range in past two trading day. The pair hits high of 1.13705 after dovish Fed Meeting Minutes. Fed has mentioned that it is going to follow patience stance on account of US growth concern due to ongoing trade war tension and political uncertainty. The pair has lost nearly 50 pips from the high and hits intraday low of 1.13208.
Euro zone PMI data released today came slightly above expectations. The flash services PMI of France Germany and Euro Zone came above expectations while manufacturing PMI came slightly less than estimate. Euro has shown a minor recovery after data. It is currently trading around 1.13273.
On the higher side, near term resistance is around 1.13810 (300- 4 H EMA) and any break above targets 1.1435/1.1500. The pair should break above trend line resistance 1.1500 for further bullishness.
The near term support is around 1.13000 and any violation below targets 1.12670/1.12340/1.12150. It should break below 1.12150 for further weakness.
It is good to buy on dips around 1.1300 with SL around 1.12670 for the TP of 1.13830/1.1400.