EUR/USD: Watch out for 1.11800 for further bullishness
The pair has formed a bottom around 1.11394 and showed a good jump from that level. The pair has jumped slightly after better than expected French PMI data and is currently trading around 1.11745. French flash manufactur…
The pair has formed a bottom around 1.11394 and showed a good jump from that level. The pair has jumped slightly after better than expected French PMI data and is currently trading around 1.11745.
French flash manufacturing PMI came at 55 compared to forecast of 54.1 while French flash services PMI at 55.3 compared to 57.1. Market awaits data of German PMI and Eurozone PMI in the European session. In the New York session US New home sales, speech by Fed Member Powell (permanent voter, centrist).
Intraday major resistance is around 1.11800 (89 EMA) in the 4 hour chart and any break above will take the pair till 1.12075 (100 MA)/1.1230/1.12950. The pair should break above 1.1300 for further jump till 1.1360/1.14350.
On the lower side, any break below 1.1100 confirms minor weakness, a decline till 1.1050/1.1000 likely.
It is good to buy above 1.1180 with SL around 1.1140 for the TP of 1.1230/1.1275.
