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EURUSD trades higher, any close above 21-day MA
Major resistance 1.13000
EURUSD is a trading range-bound between 1.12860 and 1.12382 for the past two days. US PPI data also came better than expected like CPI. Core PPI is at 0.3% compared to an estimate of 0.2%. According to the CME Fed Watch tool, there is a 74.4% probability of rate cut in Jul and 25.6% chance of rate cut of 50 bpbs. The up move in Euro is capped as there is speculation that ECB going to announce stimulus ahead of Fed. The pair hits high of 1.12838 and is currently trading around 1.12803.
Immediate resistance is around 1.12860 and any further upside-only above this level. Any break above will take the pair to next level till 1.13230/1.13485.
On the flip side, 50- day MA will be acting as near term support (1.12400) and any break below will drag the pair to the next level till 1.1200/1.11800.
It is good to buy on dips around 1.1235-38 with SL around 1.11800 for the TP of 1.13300.
