EUR/USD holds above 1.1650 on board-based US dollar selling. It hit an intraday high of 1.15884 and is currently trading around 1.15744. Overall trend remains bullish as long as support 1.1600 holds.
The pair is holding above the 55 EMA, 200 EMA, and 365 EMA in the 4-hour chart. Near-term resistance is seen at 1.170; a break above this may push the pair to targets of 1.1748/1.1778/1.1800. On the downside, support is seen at 1.1600; any violation below will drag the pair to 1.1545/1.1480/1.1435.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bullish
Average Directional Movement Index (ADX) - Neutral
It is good to buy on dips around 1.1645 with a stop-loss at 1.1600 for a target price of 1.1700/1.1765.
