EUR/USD trades well above 1.1200 level, jump till 1.1360 likely
Major resistance – 1.12680 (trend line joining 1.163 and 1.13660). Major support – 1.1180 (100- day MA). The pair has taken support at 200- day MA and jumped from the level. It has jumped till 1.12507 level and is curren…
Major resistance – 1.12680 (trend line joining 1.163 and 1.13660).
Major support – 1.1180 (100- day MA).
The pair has taken support at 200- day MA and jumped from the level. It has jumped till 1.12507 level and is currently trading around 1.12373.
Short term trend is bullish as long as support 1.1180 holds.
Fundamental data released today was German Manufacturing PMI. German Manufacturing PMI rose to three-month high of 54.3 in Sep from Aug 53.6. Market awaits US ISM manufacturing data for further direction.
EUR/USD is facing resistance at 1.12680 and any violation above targets 1.1300/1.13660 level. On the lower side, support is around 1.1200 (psychological support) and any break below will drag the pair down till 1.1158 (200- day MA)/1.1120. It should break below 1.1120 for further weakness.
It is good to buy on dips around 1.1205 with SL around 1.1158 for the TP of 1.1280/1.1360.
