Major resistance -1.13300
EURUSD is consolidating narrow range between 1.12795 and 1.13238 for past three days. The pair gained slightly after release of Chinese GDP data It came steady around 6.4% YOY compared to forecast of 6.3%. It hits intraday high of 1.1237 and is currently trading around 1.13075.
With no major economic data to be released today markets eye US retail sales data for further direction.
On the higher side,1.1350 (100- day MA) and any violation above targets 1.1380/1.14200.Any break above 1.1450 confirms minor trend reversal.
The near term support is around 1.1271 (20- day MA) and any break below confirms slight weakness and a dip till 1.1230/1.1200 is possible. Any break below 1.11760 confirms that bullish trend has stopped at 1.14482 and decline till 1.1100 is possible.
It is good to sell on rallies around 1.13300 with SL around 1.1360 for the TP of 1.1200.
