FxWirePro: EUR/USD trades below 20- day MA, markets eyes US consumer sentiment
EUR/USD has pared some of the gains made yesterday after better than expected US CPI data. US headline CPI came slightly weaker than expected at 0.1% compared to forecast of 0.2%. But CPI Y-OY came at 2.8% highest since …
EUR/USD has pared some of the gains made yesterday after better than expected US CPI data. US headline CPI came slightly weaker than expected at 0.1% compared to forecast of 0.2%. But CPI Y-OY came at 2.8% highest since 2012. ECB minutes meeting shows that ECB was highly dovish and not clear about end of QE , interest rate hike. Markets eye US Consumer sentiment index a leading indicator which is to be released today for further direction.
EUR/USD’s near term support is around 1.16500 (20- day MA) and any convincing break below will drag the pair to next level till 1.1600/1.1500.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely.
On the higher side, near term resistance is around 1.1720 (50- day MA) and any break above will take the pair to next level till 1.1795/1.1850/1.1900.
It is good to sell on rallies around 1.1660-65 with SL around 1.1720 for the TP of 1.1580/1.1500.
