- EUR/USD has recovered after a decline till 1.17133 yesterday as German political uncertainty slightly eases and investors expect that agreement will likely to be reached. This shows that political deadlock in Germany will not affect the bullishness of Euro as recent economic data shows Euro zone growing at rapid pace and minor weakness can be seen only if early elections are called.
- Market awaits US durable goods order and Jobless claim for further direction.
- Technically, the pair is facing major resistance at 1.1880 (Oct 12th 2017 high) and any break above will take the pair to next level till 1.1928/1.1200. It should break above 1.1209 high made on Sep 8th 2017. The near term resistance is around 1.1760 and any break above will take the pair to next level till 1.1800/1.1825.
- On the lower side, major support is around 1.17000 and any break below will drag the pair to next level till 1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.1755 with SL around 1.1698 for the TP of 1.1825/1.1865.
Resistance
R1- 1.1765
R2 1.1825
R3- 1.1860
Support
S1- 1.1700
S2- 1.1660
S3-1.16000
