EUR/USD faces strong support at 1.1600, break below targets 1.1050
Major support – 1.1160 (May 22nd 2017 low). EURO declined sharply from the high of 1.12680 in the previous week on account of positive U.S economic data. In the U.S sales of new and existing homes in April came in weaker…
EURO declined sharply from the high of 1.12680 in the previous week on account of positive U.S economic data.
In the U.S sales of new and existing homes in April came in weaker than expected but upward revision in U.S first quarter GDP to 1.2% has boosted the U.S dollar strength.
Technically the pair is trading weak and is struggling to break above 1.12678 confirms minor weakness and any further bullishness can be seen above 1.12678.Any violation above will take the pair to next level till 1.1300 Nov 2016 high/1.13660.
On the lower side, any break below 1.1160 will drag the pair down till 1.110 (23.6% retracement of 1.105694 and 1.12678)/1.1050/1.1000.
It is good to sell on rallies around 1.1180 with SL around 1.1250 for the TP of 1.1100/1.1050.
