- EUR/USD jumped almost 100 pips from the low of 1.17372 made on Dec 17th 2017. The pair declined slightly from the intraday high on account of weaker than expected German IFO. The Euro declined slightly 30 pips and is currently trading around 1.18055.
- The German IFO business climate index declined from a 117.2 in Nov to 109.5 in Dec. The major data to be released in US session are US Building permits and housing starts.
- Technically, the pair is facing strong resistance at 1.1860 (trend line joining 1.19612 and 1.19404) and any minor bullishness can be seen only above that level. Any convincing break above 1.1860 will take the pair to next level till 1.1900/19612 (Nov 27th 2017 high).
- On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600. The minor support is around 1.1755.
It is good to buy on dips around 1.1745-50 with SL around 1.1700 for the TP of 1.1900/1.19250.
