Major resistance – 1.1807 (200- H EMA). EURUSD slightly recovered after hitting 2 week low at 1.17301 on Friday. The pair consolidating in narrow range between 1.17301 and 1.18116 for the past two trading session. Market…
EURUSD slightly recovered after hitting 2 week low at 1.17301 on Friday. The pair consolidating in narrow range between 1.17301 and 1.18116 for the past two trading session. Market awaits German ZEW economic sentiment data which is to be released today in European session and US PPI data for further direction. It is currently trading around 1.17849.
The week is packed with central bank policy meeting US fed on Wednesday and ECB on Thursday. The pair is expected trade quiet till Fed monetary policy meeting. Markets already factored 25bpbs point rate hike by fed.
Technically, the pair has jumped till 200- H EMA yesterday and shown a minor selling. Any break above 1.1807 will take the pair to next level till 1.18290 (233- H MA) and any break above will take the pair till 1.18765 (61.8% retracement)/1.1900/1.19612 (Nov 27th 2017 high).
It is good to buy on dips around 1.1765-70 with SL around 1.1728 for the TP of 1.1880/1.1900.
