FxWirePro: EUR/USD downside capped by 34- day EMA, good to buy on dips
EUR/USD is consolidating in Friday’s range. The pair recovered slightly till 1.19560 in European session after better than expected Euro CPI data. It has formed a temporary bottom around 1.18230 low made on Aug 31st 2017…
EUR/USD is consolidating in Friday’s range. The pair recovered slightly till 1.19560 in European session after better than expected Euro CPI data. It has formed a temporary bottom around 1.18230 low made on Aug 31st 2017. It is currently trading around 1.19554.
Eurozone Aug CPI Y-Y came steady at 1.5% compared to 1.3%. Markets await US Fed monetary policy for further direction.
The pair is facing strong psychological resistance at 1.200 and any break above will take the pair to next level till 1.2050/1.20925 (Sep 8th 2017 high). Bullish continuation can be seen only above 1.20925.
On the lower side, near term intraday support is around 1.1850 (trend line joining 1.13400 and 1.13705) and any break below will drag the pair down till 1.18230 (Aug 31st 2017 low)/1.1800.
The major resistance is around 1.2100 and any break above confirms bullish continuation, a jump till 1.2200.
It is good to buy on dips around 1.1900 with SL around 1.1840 for the TP of 1.2000/1.20925.
