FxWirePro: EUR/USD downside capped by 55- 4H EMA, good to buy on dips
EUR/USD has pared some of its losses after hitting low of 1.23400 level. The pair was trading slightly weak in European session after weak Eurozone inflation data. It is currently trading around 1.23892. The pair is faci…
EUR/USD has pared some of its losses after hitting low of 1.23400 level. The pair was trading slightly weak in European session after weak Eurozone inflation data. It is currently trading around 1.23892.
The pair is facing minor near term support is around 1.2335 and any break below will drag the pair down till 1.2320 (20- day MA)/1.2300/1.2260. 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 1.2355-60 with SL around 1.2315 for the TP of 1.2445/1.24700.
