FxWirePro: EUR/USD faces strong support at 1.12900, good to buy on dips
EURUSD has shown a minor recovery after hitting low of 1.13186 and the pair has once broken minor intraday resistance of 1.11345 (200- H MA). It is currently trading around 1.13746. In the hourly chart the pair is tradin…
EURUSD has shown a minor recovery after hitting low of 1.13186 and the pair has once broken minor intraday resistance of 1.11345 (200- H MA). It is currently trading around 1.13746.
In the hourly chart the pair is trading slightly above Tenkan-Sen (1.1350) and Kijun-Sen (1.1340). Intraday weakness can be seen only below 1.12900 level.
Any break below 1.12900 will drag the pair down till 1.12600 (21- day EMA). Major weakness can be seen if the pair closes only below 1.12600.
On the higher side, the temporary top formed around 1.1430 will be acting as major bullish continuation level. The minor resistance is around 1.1380/1.1400.
Market awaits major economic data U.S Nonfarm Payroll which is to be released tomorrow for further direction.
It is good to buy on dips around 1.1325-1.13300 with SL around 1.1290 for the TP of 1.1430/1.1500.
