FxWirePro: EUR/USD hits fresh 3- month low, good to sell on rallies
EUR/USD has declined almost more than 50 pips from intraday high of 1.20842 and hits fresh 3- month low. The pair’s decline was due to weak inflation data of Eurozone released yesterday and better than expected US PCE da…
EUR/USD has declined almost more than 50 pips from intraday high of 1.20842 and hits fresh 3- month low. The pair’s decline was due to weak inflation data of Eurozone released yesterday and better than expected US PCE data. Germany’s HICP inflation data came at 1.4% compared to forecast of 1.5% while US PCE data came at 1.9% yoy in Mar from 1.6% in the prior month.
The pair is facing major near term support is around 1.2010 (200- day MA) and any break below will drag the pair down till 1.1945/1.1900.
On the higher side, near term resistance is around 1.2150 (Support turned into resistance) and any convincing break above will take the pair to next level till 1.2200/1.2245/1.2290.Major bullishness only above 1.2320.
It is good to sell on rallies around 1.2100 with SL around 1.2150 for the TP of 1.200/1.1945.
