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FxWirePro: EUR/USD trade slightly lower, markets eye German ZEW for further direction

Major support - 1.13600

EUR/USD has shown a minor recovery after hitting low of 1.13650. The pair has recovered more than 70 pips and hits high of 1.14327. It is currently trading around 1.1414. The pair is trading weak for third consecutive week and lost almost 250 pips. The huge sell off in Turkish lira after Donald Trump imposed double tariffs on metal import. The rising geo political tension is supporting USD.

Major EUROZONE data which is to be released today will have minor impact. Markets eye EUROZONE GDP data and German ZEW economic sentiment. German GDP came at 0.5% q/q compared to forecast of 0.4%.

Technically near term resistance is around 1.14310 (55 H EMA) and any break above targets 1.14650 (38.2% fibo)/1.1500. Any close above 1.1500 confirms major bullishness.

The near term support is around 1.13600 and any break below targets 1.1300 level.

It is good to sell on rallies around 1.1435 with SL around 1.14650 for the TP of 1.13600.

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