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 curren…
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.
