FxWirePro :EUR/USD Trade Idea

EUR/USD is trading higher for consecutive day on split of power in US congress. US mid term election shows Democrats to take over House while Republicans retain senate .EURUSD recovered more than 150 pips. But Italian budget problem is major cause of concern. It hits high of 1.14730 and currently trading around 1.14940.

Technically the pair breaks major resistance 1.14520 (20 -day MA) and started to decline from that level. Any close above 20 day MA confirms further bullishness.

On the higher side, 1.14720 will be acting as near term resistance any break above targets 1.1500/1.1550.

On the lower side, near term support is around 1.1390 and any break below targets 1.13500/1.1300.

It is good to buy on dips around 1.1445-47 with SL around 1.1390 for the TP of 1.1550.

Resistance

R1- 1.1500

R2 - 1.1550

R3- 1.16200

Support               

S1- 1.1400

S2- 1.13400

S3- 1.1300