EUR/USD Trade Idea

• EUR/USD has pared its gains yesterday after showing a minor jump above 200 –H MA. The pair hits low of 1.22822 yesterday and shown a minor recovery from that level. The pair showed a minor dip after hitting high of 1.23350 after slightly weaker than expected German PMI data. German PMI data fell to 58.2 in Mar from 60.4 in Feb. It is currently trading around 1.23026.
   
• The pair is facing minor near term support is around 1.2280 and any break below will drag the pair down till 1.2260/1.22390. Overall bearish continuation below 1.2165.
   
• On the higher side, near term resistance is around 1.2340-45 and any hourly close above will take the pair to next level till 1.2370/1.2400/1.2435.Major bullishness only above 1.2550.

It is good to sell on rallies around 1.2325-33 with SL around 1.2380 for the TP of 1.2260/1.2200.

Resistance
 

R1-1.2345
 

R2 – 1.2380
 

R3- 1.2435

Support               
 

S1-1.2280
 

S2- 1.2260
 

S3- 1.2200