- Dollar remains strongest currency for the week against all majors. EUR/USD has fallen till 1.08533 yesterday after upside rejection at 1.1020 (high made after French election result). It is currently trading around 1.08729.
- Markets awaits U.S CPI and retail sales data for further direction. U.S CPI is expected to slow down for second consecutive month to 2.3% yoy in Apr and retail sales is expected to show a growth of 0.6% .
- The pair minor upside is capped by 10- SMA and any minor bullishness can be seen only above that level. Any break above 1.09110 will take the pair to next level till 1.09500/1.1000. It should break above 1.1020 for further bullishness.
- On the lower side, major support stands at 1.08500-1.08370 (200 day MA) and any break below confirm major weakness a decline till 1.05694 likely.
- Overall bullish continuation can happen above 1.1020 level.
It is good to sell on rallies around 1.0915-20 with SL around 1.1000 for the TP of 1.0825/1.0700.
Resistance
R1-1.0912
R2 -1.09500
R3- 1.1000
Support
S1-1.0850
S2-1.0780
S3- 1.0740
