- EUR/USD has formed almost a triple top around 1.2300 and started to decline from that level. The pair was trading slightly weak on account of profit booking. The pair jumped till 1.2322 on Jan 17th 2018 and is currently trading around 1.22491.
- Euro was trading lower after most ECB members expressed their concerns over its recent appreciation. ECB Vice President Vitor Constancio expressed concerns over Euro’s “sudden movement’ and also mentioned about slight decline in inflation. The greenback gained almost 160 pips from the 3 year low.
- Technically, near term resistance is around 1.2600 (61.8% fibo) and any break above will take the pair to next level till 1.300/1.3550.
- On the lower side, near term support is around 1.21650 (38.2%) and any break below will drag the pair down till 1.2130 (200- H EMA)/1.2090 (233- H MA). Intraday weakness only below 1.2000.
It is good to buy on dips around 1.2165-70 with SL around 1.2090 for the TP of 1.2600/1.3000.
Resistance
R1-1.2300
R2 -1.2600
R3-1.3000
Support
S1-1.2165
S2-1.2090
S3- 1.2000
