FxWirePro: EUR/USD Trade Idea

• EUR/USD is trading weak for the third consecutive days and declined almost 175 pips from the top made on Mar 27th 2018. US dollar recovered sharply and market eyes US PECE index data which is to be released today for further direction. The pair hits low of 1.22957 at the time of writing and is trading around 1.23224.
   
• Today’s economic calendar is jam-packed with lot of major releases. US jobless claims, PCE index and Chicago PMI are major data to be released today in US session.
   
• The pair is facing minor near term support is around 1.2300 and any break below will drag the pair down till 1.2260/1.22390.Any violation below 1.2330 will take the pair till 1.2300/1.2280.
   
• On the higher side, near term resistance is around 1.2340 and any violation above will take the pair to next level till 1.2370/1.2400/1.2435.Major bullishness only above 1.2550.

It is good to sell on rallies around 1.2340-45 with SL around 1.2380 for the TP of 1.2260/1.2239.

Resistance
 

R1-1.2340
 

R2 – 1.2380
 

R3- 1.2435

Support               
 

S1-1.2300
 

S2- 1.2260
 

S3- 1.2238