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FxWirePro: EUR/USD trade Idea

EUR/USD has pared most of its gains made yesterday after Euro flash PMI data. Euro slight jump on yesterday was mainly due to Brexit optimism. The ECB meetings doesnt have much impact as the policy makers are planning to exit QE by Dec 2019 and slightly worried about global growth and slowing inflation due to declining crude. The spread between German and Italy has reduced to 308 basis point from 335 basis point. Euro flash manufacturing and services PMI came slightly weaker than expected. The pair has slipped more than 70 pips from today’s high. It is currently trading around 1.13533.

 

Technically near term resistance is around 1.14350 and any break above targets 1.1470 (55- day EMA)/ 1.1500/1.15500. The pair should break above 1.16200 for further bullishness.

 

On the lower side, near term support is around 1.1360 (20- day MA) and any convincing break below targets 1.1300/1.1215.Major trend reversal below 1.12000.

 

It is good to sell on rallies around 1.1380-85 with SL around 1.1435 for the TP of 1.1300/1.1200.

 

Resistance

 

R1- 1.1435

 

R2 - 1.1470

R3- 1.1500

 

Support               

 

S1- 1.1360

S2- 1.1300

 

S3- 1.1200

EUR/USD has pared most of its gains made yesterday after Euro flash PMI data. Euro slight jump on yesterday was mainly due to Brexit optimism. The ECB meetings doesnt have much impact as the policy makers are planning to exit QE by Dec 2019 and slightly worried about global growth and slowing inflation due to declining crude. The spread between German and Italy has reduced to 308 basis point from 335 basis point. Euro flash manufacturing and services PMI came slightly weaker than expected. The pair has slipped more than 70 pips from today’s high. It is currently trading around 1.13533.

 

Technically near term resistance is around 1.14350 and any break above targets 1.1470 (55- day EMA)/ 1.1500/1.15500. The pair should break above 1.16200 for further bullishness.

 

On the lower side, near term support is around 1.1360 (20- day MA) and any convincing break below targets 1.1300/1.1215.Major trend reversal below 1.12000.

 

It is good to sell on rallies around 1.1380-85 with SL around 1.1435 for the TP of 1.1300/1.1200.

 

Resistance

 

R1- 1.1435

 

R2 - 1.1470

R3- 1.1500

 

Support               

S1- 1.1360

S2- 1.1300

S3- 1.1200

 

 

 

 

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