FxWirePro: EUR/USD recovers from 3- month low, good to sell on rallies
EUR/USD has shown a more than 85 pips jump from low of 1.20555. The pair’s recovery was due to profit booking and is currently trading around 1.21110. US GDP data came on Friday was slightly better than expected. The cor…
EUR/USD has shown a more than 85 pips jump from low of 1.20555. The pair’s recovery was due to profit booking and is currently trading around 1.21110. US GDP data came on Friday was slightly better than expected. The core PCE is the “Fed’s preferred measure of inflation” came at 2% yoy from 1.7% yoy Feb matched Fed expectations.
The pair is facing major near term support is around 1.2050 and any break below will drag the pair down till 1.2000/1.1945
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 1.2150 with SL around 1.2210 for the TP of 1.2055/1.2000.
