FxWirePro: EUR/USD Trade Idea

EURUSD is trading in narrow range and is facing strong resistance to break above 1.1600. US economic data released yesterday came at sightly lesser than expected . US retail sales came at 0.1% compared to forecast of 0.6%.But Italy’s budget problem and  Merkel Christian Social Union conservative allies has lost their majority in crushing vote in the Bavarian state is preventing Euro from further upside. Markets eye German ZEW economic sentiment data for further direction.

On the higher side, near term strong resistance is around 1.1620 (20- day MA) and any break above targets 1.1660/1.1720.The pair should break above 1.1800 for further bullishness continuation.

The near term minor support is around 1.1500 and any violation below targets 1.1460/1.1430. Any convincing break below 1.1430 confirms major bearishness.

It is good to buy above 1.1600 with SL 1.1570 for the TP of 1.1700

R1- 1.1600
 

R2 - 1.1660

R3- 1.1725

Support               

S1- 1.1500

S2- 1.1460

S3- 1.1435