FxWirePro: EUR/USD hits fresh 2018 low, goods to sell on rallies

• EUR/USD is continuing its weakness and declined more than 70 pips for the intraday. The pair has broken low of 1.16758 low made on May 23rd 2018 and declined till 1.16621 level. German IFO data released today came slightly better than expected but business climate and Business expectations came slightly weaker than expected. The data for the month of Apr came at 102.2 compared to forecast of 102.  US prelim durable goods order came at -1.7% compared to forecast of -1.3%.Core goods order came at 0.9% vs 0.5% expected .Fed Chairman Powell speech during US session is important event for further direction. It is currently trading around 1.16689.
   
• On the higher side, near term major intraday resistance is around 1.1750 (5- day MA) and any break above will take the pair to next level till 1.1805 (10- day MA)/1.1830. Short term bearish invalidation only above 1.2020 (200- day MA).
   
• The near term support is at 1.1660 and any convincing break below will drag the pair to next level till 1.1600/1.1500.

It is good to sell on rallies around 1.1715-20 with SL around 1.1760 for the TP of 1.600/1.500.