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FxWirePro: EUR/USD downside capped by 5- day MA, market eyes U.S NFP

  • EURUSD has recovered slightly after hitting low of 1.18305 yesterday. The pair formed a fresh 18 month high 1.19098 on Aug 2nd 2017. Any bullish continuation can be seen above 1.19098. It is currently trading around 1.18797 0.10% higher.
     
  • U.S economy is expected to add 182K jobs in month of Jul .Any positive surprise in the data will also not have much impact on U.S dollar. The chances of fed rate hike has diminished as political uncertainties in the white house.
     
  • The pair near term resistance is around 1.19100 high made yesterday. Any break above 1.1910 will take the pair till 1.1925/1.1975 (2015 yearly high).
     
  • On the lower side, 1.18300 (trend line joining 1.14792 and 1.16125) will be acting as near term support and any break below will drag the pair down till 1.17680 (23.6% Retracement of 1.13123 and 1.19098)/1.1745 (10- day MA).Minor weakness can be seen only below 1.1600.

It is good to buy on dips around 1.1830 with SL around 1.1780 for the TP of 1.19050/1.19725.

  • Market Data
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