- EUR/USD hits fresh year high at 1.14454 yesterday and declined slightly from that level. It is currently trading around 1.14168.
- The pair has shown minor correction below 1.1400 after weaker than expected advance inflation figures in the Eurozone. CPI flash estimate Y/Y came at 1.3% compared to previous month gain of 1.4%. the apir dipped till 1.13923 and slightly recovered from that level.
- Short term trend is still bullish as long as support 1.1290 holds.
- On the lower side, near term support is around 1.1380 and any break below will drag the pair down till 1.1350 (89- H EMA))/1.13180 (38.2% retracement of 1.1445 and 1.11092)/1.1290.
- Any break above high formed yesterday will take the pair till 1.1500/1.1540.
- Short term bearish invalidation only below 1.1100.
It is good to buy on dips around 1.1380 with SL around 1.1300 for the TP of 1.150/1.1545.
Resistance
R1-1.1450
R2 -1.1500
R3- 1.1545
Support
S1-1.1380
S2-1.1320
S3-1.1290
