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- EURUSD declined sharply yesterday almost 120 pips yesterday on rising US 10 year yield and global equity sell off. The pair hits low of 1.2359 and is currently trading around 1.24075.
- Euro recovery was due to slight recovery in S&P 500 from the low of 2531 almost 4% and also better than expected German data. Germany factory orders came at 3.8% compared to forecast of 0.7%.
- The pair is facing trend line resistance of 1.2435 and any close above will take the pair till 1.2475/1.2500/1.25380. Bullish continuation can be seen only above 1.2540.
- On the lower side, near term support is around 1.23800 and any violation below will drag the pair to next level till 1.23500/1.2330. Minor trend reversal only below 1.23300.
It is good to buy above 1.2435 with SL around 1.23800 for the TP of 1.2500/1.2540.
Resistance
R1- 1.2435
R2 -1.2500
R3-1.2540
Support
S1-1.2380
S2-1.2330
S3- 1.2270
