- The pair has formed a bottom around 1.11394 and showed a good jump from that level. The pair has jumped slightly after better than expected French PMI data and is currently trading around 1.11740.
- French flash manufacturing PMI came at 55 compared to forecast of 54.1 while French flash services PMI at 55.3 compared to 57.1. German and Euro flash Manufacturing PMI came at better than expected while services PMI came at slightly weaker than forecast .In the New York session US New home sales, speech by Fed Member Powell (permanent voter, centrist).
- Intraday major resistance is around 1.11800 (89 EMA) in the 4 hour chart and any break above will take the pair till 1.12075 (100 MA)/1.1230/1.12950. The pair should break above 1.1300 for further jump till 1.1360/1.14350.
- On the lower side, any break below 1.1100 confirms minor weakness, a decline till 1.1050/1.1000 likely.
It is good to buy above 1.1180 with SL around 1.1140 for the TP of 1.1230/1.1275.
Resistance
R1-1.12130
R2 -1.12350
R3- 1.1300
Support
S1-1.1100
S2-1.1050
S3-1.1000
