FxWirePro: EUR/USD Trade Idea

EURUSD has once again recovered after showing a minor dip till 1.13450. US Non farm payoll came better than expected on Friday. US economy has added 31300 jobs in the month of Dec compared to forecast of 182000 and unemployment rate is at 3.9% increased from 3.7%. The increased optimism in US and China trade talks and dovish Fed is putting pressure on US dollar. It hits intraday high of 1.14300 and is currently trading around 1.14350.

On the higher side, near term resistance is around 1.1450 and any break above targets 1.1475/1.1500. Any bullishness can happen only above 1.1500 level.

The near term major support is around 1.1300 and any violation below will drag the pair to next level till 1.12670/1.12180. Major trend reversal can happen only below 1.1200 level.

It is good to buy on dips around 1.1355-58 with SL around 1.1300 for the TP of 1.1500.

Resistance

R1- 1.1450

R2 - 1.1500

R3- 1.1550

Support               

S1- 1.1345

S2- 1.1300

S3- 1.12670