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FxWirePro: EUR/USD hits fresh 27- month high at 1.20700 level, good to buy on dips

  • EURUSD hits 1.2070 fresh 27 month high and is hovering around this level.   The pair is trading higher after dovish statement by Janet Yellen in Jackson Hole symposium.
     
  • The pair gained second session in a row jumped almost 17% since Jan low of 1.03400. US 10 year yield hits 2.10% level lowest since Nov 2016.
     
  • On the higher side, any break above 1.200 confirms major trend reversal, a jump till 1.2100 (psychological level)/1.2186 (Dec 25th 2017 high)/1.2500. The near term resistance is around 1.20705.
     
  • The near term support is around 1.19169 (Aug 28th low) and nay break below will drag the pair down till 1.18550 (5 day MA)/1.1805 (10- day MA)/1.17780 (21- day EMA).
     
  • In the daily chart RSI and MACD shows over bought and a slight dip is possible which can be used as best buying opportunities.

It is good to buy on dips around 1.19100 with SL around 1.1800 for the TP of 1.1207/1.2100/1.2185.

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