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FxWirePro: EUR/USD consolidates in narrow range, market eyes US CPI

  • EUR/USD is trading down after a mild recovery till 1.23925 level.  The pair broken minor support 1.2355 (233- H MA) and declined till 1.23399 at the time of writing. It is currently trading around 1.23418.
     
  • The economic data released such as GSP and inflation came in line with estimate. Market awaits US CPI and retail sales data to be released today for further direction.
     
  • The pair is facing near term resistance of 1.2400 and any close above will take the pair till 1.2435/1.2500. Bullish continuation can be seen only above 1.2540.
     
  • On the lower side, near term support is around 1.2295 (100- H MA) and any violation below will drag the pair to next level till 1.2200/1.21650 (38.2% fibo)/1.2100. Minor trend reversal only below 1.2100.

It is good to buy on dips around 1.2300 with SL around 1.2250 for the TP of 1.2400/1.2435/1.2500.

 

 

 

 

 

 

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