FxWirePro: EUR/USD declines slightly weak German ZEW data, good to buy on dips
EUR/USD has pared some of its gains in today’s European session after weak German ZEW sentiment data. The pair declined sharply almost 50 pips from the intraday high of 1.24137. It hits low of 1.23648 and is currently tr…
EUR/USD has pared some of its gains in today’s European session after weak German ZEW sentiment data. The pair declined sharply almost 50 pips from the intraday high of 1.24137. It hits low of 1.23648 and is currently trading around 1.23761.
German ZEW fell to -8.2 points compared to forecast of -0.8. The pair is facing minor near term support is around 1.2300 and any break below will drag the pair down till 1.2260/1.2200. Overall bearish continuation below 1.2165.
On the higher side, near term resistance is around 1.2400 and any convincing break above will take the pair to next level till 1.24450 (Mar 7th 2018 high)/1.2470.Major bullishness only above 1.2550.
It is good to buy on dips around 1.2340-45 with SL around 1.2290 for the TP of 1.2445/1.24700.
