FxWirePro: EUR/USD recover sharply from 10–month low on positive German economic data, good to sell on rallies
EUR/USD pared its early loss after hitting 10 –month low of 1.1510. The pair jumped almost more than 120 pips till 1.16400 at the time of writing. German retail seas and unemployment came better than expected. German ret…
EUR/USD pared its early loss after hitting 10 –month low of 1.1510. The pair jumped almost more than 120 pips till 1.16400 at the time of writing. German retail seas and unemployment came better than expected. German retail sales came at 1.2% m/m and 2.3 y/y in April compared to forecast and geramn unemployment rate dropped to 5.2%. But rising Italy bond yield and political uncertainty in Spain will cap the upside move of Euro. Markets eye US ADP employment data which is to be released today for further direction. It is currently trading around 1.16338.
On the higher side, near term major intraday resistance is around 1.1645 (100- H MA) and any break above will take the pair to next level till 1.1702 (200- H MA)/1.1729 .Short term bearish invalidation only above 1.2020 (200- day MA).
The near term support is at 1.1500 and any convincing break below will drag the pair to next level till 1.1400/1.1355.
It is good to sell on rallies around 1.1635-40 with SL around 1.1700 for the TP of 1.1500/1.1400.
