FxWirePro: EUR/USD trades flat, break above 1.1920 confirms further bullishness
EUR/USD has recovered almost 80 pips after hitting low of 1.18170. Markets are expected to trade flat with positive bias with no major economic data releases in this week. US pending home sales and Conference board consu…
EUR/USD has recovered almost 80 pips after hitting low of 1.18170. Markets are expected to trade flat with positive bias with no major economic data releases in this week. US pending home sales and Conference board consumer confidence data are major data to be released today. Markets expects to show movement after the data. The pair hits intraday high of 1.18919 and is currently trading around 1.18862.
The pair is facing trend line resistance at 1.19200 (trend line joining 1.20925 and 1.19612) and any break above that level will take the pair to next level to 1.19615 (Nov 27th 2017 high)/1.200/1.2090.
On the lower side, any break below 1.1830 (50- 4H MA) will drag the pair to next level till 1.1800 (200 – 4H EMA)/1.1755/1.1700. Any minor weakness can be seen only below 1.1700.
It is good to buy on dips around 1.1860-65 with SL around 1.1800 for the TP of 1.1960/1.200.
