FxWirePro: EUR/USD trades above 1.2200 on German political stability, good to buy on dips
EUR/USD has shown a good upside previous week and jumped almost 300 pips from the low of 1.19162 on account of political stability in Germany. The pair jumped till 1.22164 at the time of writing and is currently trading …
EUR/USD has shown a good upside previous week and jumped almost 300 pips from the low of 1.19162 on account of political stability in Germany. The pair jumped till 1.22164 at the time of writing and is currently trading around 1.22858.
Euro jumped sharply after German Chancellor Angela Merkel has achieved breakthrough in forming coalition. CDU/CSU and SPD parties reached an agreement. Market will be quiet on account of Martin Luther king jr day.
Technically, near term resistance is around 1.2600 (61.8% fibo) and any break above will take the pair to next level till 1.300/1.3550.
On the lower side, near term support is around 1.2140 (23.6% fibo) and any break below will drag the pair down till 1.2090 (resistance turned into support)/1.2026 (7- day MA)/1.1900. Short term bullish invalidation only below 1.1700.
It is good to buy on dips around 1.2145-15 with SL around 1.2080 for the TP of 1.2600/1.3000.
