EUR/USD pare some of its gains made on Friday. The pair hits 2.5 month high at 1.180247 and lost more than 75 pips. It hits low of 1.17240 at the time of writing and is currently trading around 1.17677. German Ifo business climate came at 103.70 slightly lesser than previous month of 103.80 but beats forecast of 103.20.
With no major economic release in US today markets eye ECB president Mario Draghi testimony before the European Parliament Economic and Monetary Affairs committee.
The near term major resistance is around 1.1800 and any break above will take the pair till 1.18523 high made on Jun 14th 2018. Any convincing break above 1.18523 confirms bullish continuation and a jump till 1.1945 (200- day MA) is possible.
On the lower side, major near term support is around 1.17288 (23.6% fib) and any break below will drag the pair till 1.16700/1.1600. Any dip below 1.1500 will confirm bearish continuation.
It is good to buy on dips around 1.1750-525 with SL around 1.1700 for the TP of 1.1845/1.1940.
