- Euro jumped sharply and hits fresh 52 week high yesterday after rejection of Trump health care bill by two more republican senators. Republican senators Mike Lee of Utah and Jerry Moran of Kansas has opposed the health care bill and dollar collapsed sharply against all pairs.
- The pair has broken major resistance around 1.1500 and jumped till 1.15626. Any break above 1.1500 confirms major trend reversal, a jump till 1.1716 is likely.
- The near term resistance is around 1.1614 (May 3rd 2016 high) and any break above targets 1.1716 (Aug 28th 2017 high).
- On the downside near term support is around 1.1440 (5- day MA) and any break below will drag the pair down till 1.1400/1.13700. Any break below 1.13700 will drag the pair down till 1.1320/1.1290. Short term weakness can be seen only below 1.12900.
It is good to buy on dips around 1.1500 with SL around 1.1440 for the TP of 1.1640/1.17135.
Resistance
R1-1.16140
R2 -1.1735
R3- 1.1800
Support
S1-1.1440
S2-1.1370
S3-1.12900
