- Major support – 1.2330.
- EUR/USD formed a minor bottom at 1.23365 and shown a minor recovery above 1.2400. The pair is holding well above 1.2400. The pair jumped till 1.24625 and is currently trading around 1.2450.
- The pair minor jump was supported by slightly better than expected flash Eurozone GDP. The data came at 0.6% Q-O-Q growth in Q4 and 19th straight months. Market eyes US fed monetary policy for further direction. The central bank is expected to keep interest rates unchanged and investors eyes fresh hint from Fed on interest rate outlook.
- On the higher side, near term resistance is around 1.24620 (61.8% fibo) and any break above will take the pair to next level till 1.2500/1.2538 (Jan 25th 2018 high). The pair should break above 1.2550 for further bullish continuation.
- The near term support is around 1.2400 (hourly Kijun-Sen) and any break below will drag the pair to next level till 1.2330/1.2300 (61.8% fibo). It should break below 1.2200 for further slump.
It is good to buy on dips around 1.2425-30 with SL around 1.23800 for the TP of 1.23365/1.2305.
Resistance
R1- 1.24615
R2 -1.2500
R3-1.25380
Support
S1-1.2400
S2-1.23300
S3- 1.2300
