EURUSD is trading in narrow range and is facing strong resistance to break above 1.1600. US economic data released yesterday came at sightly lesser than expected . US retail sales came at 0.1% compared to forecast of 0.6%.But Italy’s budget problem and Merkel Christian Social Union conservative allies has lost their majority in crushing vote in the Bavarian state is preventing Euro from further upside. Markets eye German ZEW economic sentiment data for further direction.
On the higher side, near term strong resistance is around 1.1620 (20- day MA) and any break above targets 1.1660/1.1720.The pair should break above 1.1800 for further bullishness continuation.
The near term minor support is around 1.1500 and any violation below targets 1.1460/1.1430. Any convincing break below 1.1430 confirms major bearishness.
It is good to buy above 1.1600 with SL 1.1570 for the TP of 1.1700
R1- 1.1600
R2 - 1.1660
R3- 1.1725
Support
S1- 1.1500
S2- 1.1460
S3- 1.1435
