FxWirePro: EUR/USD trades above 1.2300 level, good to buy on dips
Monday, February 26, 2018 9:52 AM UTC
- EUR/USD has shown a decent recovery almost 50 pips after a four days continuous selling. The pair is trading higher ahead of ECB president Draghi. The upside was supported by fresh selling in US dollar on account of slight weak US 10 year treasury bills. It is currently trading around 1.23452.
- Market awaits ECB president Draghi’s testimony before the European Parliament Economic and monetary affairs Committee.
- The pair is facing near term resistance of 1.2368 (233- H MA) and break above will take the pair till 1.2442 (61.8% Fibo)/1.2500. Bullish continuation can be seen above 1.2550.
- On the lower side, near term support is around 1.2280 and any violation below will drag the pair to next level till 1.2200/1.2165. Minor weakness can be seen only below 1.2200.
It is good to buy on dips 1.2300 with SL around 1.2360 for the TP of 1.2200/1.2165.
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