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 da…
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.
