FxWirePro: EUR/USD retreats after weak EU inflation data, good to sell on rallies

• EUR/USD has recovered after hitting low of 1.17170 on Sep 27th 2017. The pair shown a minor jump above 1.18000 and declined slightly after weaker than expected EU inflation. It hits intraday high of 1.18085 and is currently trading around 1.18007.
   
• EU inflation estimate came at 1.5% compared to forecast of 1.6% and core CPI estimate is around 1.1% compared to forecast of 1.2%. Market awaits US Core PCE data which is to be released for further direction.
   
• Technically pair is facing strong support at 1.17200 (200- W MA) and any convincing break below that level confirms minor weakness, a decline till 1.16600/1.1600 likely.
   
• On the higher side, near term resistance around 1.18080 (23.6% retracement of 1.20925 and 1.1717) and any break above will take the pair to next level till 1.1839 (50- day MA)/ 1.1870. Overall bullish continuation only above 1.20925.

It is good to sell on rallies around 1.18000 with SL around 1.1840 for the TP of 1.1660/1.1600.