FxWirePro: EUR/USD continues its bearish trend on German IFO miss, good to sell on rallies
EUR/USD continuing its weakness for fourth consecutive day on hawkish US fed minutes meeting. The pair hits intraday low of 1.22599. US fed minutes meeting confirms that central bank are very much positive on the economy…
EUR/USD continuing its weakness for fourth consecutive day on hawkish US fed minutes meeting. The pair hits intraday low of 1.22599. US fed minutes meeting confirms that central bank are very much positive on the economy and chance of more than three rate hike are high. It is currently trading around 1.22932.
German IFO business climate came at 115.4 for the month of Jan slightly below expectations of 117.Market eyes ECB minutes meeting to be happened today for further direction.
The pair is facing near term resistance of 1.23298 (23.6% fibo) and break above will take the pair till 1.2375 (20- day MA)/ 1.2437/1.2500. Bullish continuation can be seen above 1.2550.
On the lower side, near term support is around 1.2250 and any violation below will drag the pair to next level till 1.2200/1.2165. Minor weakness can be seen only below 1.2200.
It is good to sell on rallies around 1.2300 with SL around 1.2360 for the TP of 1.2200/1.2165.
