EURUSD pares most of its gains made on Friday after weaker than expected China trade figures. The pair hits high of 1.15697 and started to decline from that level. Chinese exports and imports have declined unexpectedly in month Dec. Exports and Imports have fallen 4.4% and 7.6% from a year earlier. This has increased demand for safe haven assets like US dollar. EUR/USD hits low of 1.14507 and is currently trading around 1.14587.
On the lower side the pair is trading slightly below 100-day MA at 1.1475-78. Any daily close below confirms further weakness and a dip till 1.1435 (38.2% fib)/1.1418 (55- day EMA)/1.13505. The pair should break below 1.1300 for further weakness.
The near term major resistance is around 1.15900 (61.8% fib) and any break above targets 1.1620/1.1635 (200- day MA). Any close above 1.16350 confirms further bullishness and a jump till 1.1700/1.1733/1.18150. The near term resistance is around 1.1500.
It is good to buy on dips around 1.1400 with SL around 1.1350 for the TP of 1.17330/1.1815.
