- EUR/USD shown a huge jump yesterday after better than expected European economic data. The pair broken the major resistance 1.1730-1.1745 (100- day MA and trend line joining 1.20925 and 1.18580) and jumped till 1.18531 at the time of writing. It is currently trading around 1.18460.
- German GDP rose 0.8% in the third quarter compared to forecast of 0.6%.Market awaits US CPI and retail sales which is to be released today for further direction.
- Technically, the pair cancelled head and shoulder pattern after breaking above 1.1700 level. The near term resistance is around 1.1880 (Oct 12th high) and any break above will take the pair to next level till 1.19280/1.1200.
- On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.1755-1.1760 with SL around 1.1700 for the TP of 1.1880/1.1928.
Resistance
R1- 1.1880
R2 1.19280
R3- 1.1200
Support
S1- 1.1730
S2- 1.1700
S3-1.1660
