FxWirePro: EUR/USD faces strong support at 1.2265, good to buy on dips
EUR/USD pared its loss made yesterday on account of better than expected US economic data. The pair hits low of 1.22950 but failed to break low of 1.22731. Euro has jumped almost 42 pips from the low of 1.23329. Eurozone…
EUR/USD pared its loss made yesterday on account of better than expected US economic data. The pair hits low of 1.22950 but failed to break low of 1.22731. Euro has jumped almost 42 pips from the low of 1.23329. Eurozone core CPI data came at 1.1% YOY compared to forecast of 1.1%. Euro declined slightly from the high of 1.23364 after inflation data.
US Philly, Empire manufacturing shows solid growth as both gauges are well above zero. The Philly Fed manufacturing index came at 22.3 in March compared to forecast of 23 and Empire state manufacturing index jumped to 22.5 in Mar from 13.1 in Feb. Market eyes US building permit and housing starts for further direction.
The pair is facing near term resistance of 1.2360 and break above will take the pair till 1.2400/1.2435/1.2500. Bullish continuation can be seen above 1.2550.
On the lower side, near term support is around 1.2265 and any violation below will drag the pair to next level till 1.2200/1.2165.
It is good to buy on dips around 1.2305-10 with SL around 1.2265 for the TP of 1.2400/1.2435.
