FxWirePro: EURUSD Daily Outlook

EURUSD is trading in very tight range in past three trading day. The pair hits high of 1.13705 after dovish Fed Meeting Minutes. The downside is limited as US-China trade talk optimism is supporting Euro.US President suspends China trade tariff hike and Trump tweeted that US has made substantial progress in our trade talks with China om important structural issues including intellectual property protection, technology transfer etc. The pair has jumped more than 40 pips from the Friday’s low of 1.13165 and is currently trading around 1.13472.

On the data front Euro zone flash PMI data came better than estimate while US durable goods order headline came better than expected but capital orders fell unexpectedly.

On the higher side, near term resistance is around 1.13705 and any break above targets 1.1435/1.1500. The pair should break above trend line resistance 1.1500 for further bullishness.

The near term support is around 1.13000 and any violation below targets 1.12670/1.12340/1.12150. It should break below 1.12150 for further weakness.

It is good to buy on dips around 1.1325-30 with SL around 1.12900 for the TP of 1.1435/1.1500.