EUR/USD has shown minor recovery after forming a bottom at 1.15716. The pair upside is capped due to weaker than expected preliminary inflation number. The Eurozone GDP rose 0.6% in the third quarter from previous one an…
EUR/USD has shown minor recovery after forming a bottom at 1.15716. The pair upside is capped due to weaker than expected preliminary inflation number. The Eurozone GDP rose 0.6% in the third quarter from previous one and unemployment rate falls below 9% for the first time since 2009. The pair jumped till 1.16612 and currently trading around 1.16390.
In the US session, US ISM manufacturing and ADP employment data to be released today.
On the lower side, the near term support is around 1.15450 (161.8% retracement of 1.16691 and 1.1880) and any convincing break below will drag the pair down till 1.1500/1.1400.
On the higher side, near term resistance is around 1.1685 and any break above will take the pair to next level till 1.1720 /1.1755 (20- day MA). Minor bullishness only above 1.18800.
It is good to sell on rallies around 1.1685-1.1690 with SL around 1.1755 for the TP of 1.1500/1.1400.
