FxWirePro: EUR/USD Trade idea

• EURUSD is continuing its weakness for second consecutive week and hits fresh 2018 low after breaking yesterday’s low of 1.18380. The pair recovered almost 40 pips form the intraday low due to profit booking. But overall trend is still weak as long as resistance 1.2017 holds. US 10 year bond yield has once again crossed 3% and markets has shrugged of US decision to leave Iran. It is currently trading around 1.18677.
   
• US dollar index has shown a good jump above 55- W EMA for the first time since May 2017.Any convincing close above 93 (55- W EMA) will take the index till 94/94.75. Market eyes US PPI data which is to be released for further direction.
   
• On the lower side, near term support stands at 1.1800 and any break below targets 1.17120 (38.2% fibo)/1.1600.
   
• The near term resistance is around 1.1900 and any break above will take the pair to next level till 1.1925/1.1970/1.200. The pair should close above 1.2020 for further upside.

It is good to sell on rallies around 1.1900-905 with SL around 1.2000 for the TP of 1.1800/1.1715.

Resistance

R1- 1.1900
 

R2 –1.1925
 

R3- 1.2000

Support               
 

S1- 1.1800
 

S2-1.1715
 

S3- 1.1600