FxWirePro: EUR/USD Trade Idea

Major support-1.1300

EURUSD continues to trade lower for 9th consecutive day. It has lost more than 200 pips from the high on account of dovish ECB and broad based USD buying. The spread between USD and German 2 year has rose to 320 basis point highest level since Dec 21st . The pair hits low of 1.13459 and is currently trading around 1.13617.

On the lower side near term major support is around 1.1300 and any violation below will drag the pair to next level till 1.12670/1.12180. Any convincing break below 1.1200 confirms further weakness.

The minor intraday bullishness can be seen only above 1.13750 and any break above targets 1.1415/1.14300 (200- H MA)./1.14596/1.1486. Any further bullishness only above 1.1500 level.

It is good to sell on rallies around 1.1375-78 with SL around 1.1420 for the TP of 1.12670/1.12180.

Resistance

R1- 1.1375

R2 - 1.435

R3- 1.1475

Support               

S1- 1.1300

S2- 1.12670

S3- 1.1200