FxWirePro: EUR/USD declines slightly from 6- week high, market eyes Powell confirmation

• EUR/USD declined slightly after hitting 6- week high on Friday. The pair was trading higher for the past three days on account of easing political uncertainty in Germany and positive economic data from Eurozone. The minor dip in Euro was due to upbeat data from U.S. US new home sales rose unexpectedly in Oct to 685K compared to forecast of 625K highest level since 2007.
   
• Market awaits US new Fed Governor Powell appears before US Senate Banking Committee and he expected follow Yellen footsteps of gradual rate hikes.
   
• Technically, the pair is facing major psychological resistance at 1.2000 and any break above will take the pair to next till 1.20900. It should break above 1.2090 for further bullishness.
   
• On the lower side, near term support is around 1.18800 (Resistance turned into support) and any break below will drag the pair down till 1.1865 (23.6% fibo)/1.1810 (10- day MA). Minor weakness can be seen below 1.1760 (50- day MA). Short term weakness can be seen only below 1.1700 level.

It is good to buy on dips around 1.1880-85 with SL around 1.1830 for the TP of 1.200/1.2085.