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FxWirePro: EUR/USD trades above 1.1400, markets eye Europe flash PMI data

EUR/USD has shown a minor jump of 50 pips yesterday and was consolidating as US markets shut yesterday for Thanksgiving day. Euro slight jump 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. Markets eye European countries flash PMI for further direction. It is currently trading around 1.14128.

 

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 buy on dips around 1.1400 with SL around 1.1360 for the TP of 1.1500.

 

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