FxWirePro: EUR/USD trades higher on easing German political uncertainty, good to buy on dips
EUR/USD hits 6- week high on Friday after breaking major resistance at 1.18800 (Oct 12th 2017 high) on account of easing political uncertainty in Germany and positive economic data from Eurozone. Euro shines against all …
EUR/USD hits 6- week high on Friday after breaking major resistance at 1.18800 (Oct 12th 2017 high) on account of easing political uncertainty in Germany and positive economic data from Eurozone.
Euro shines against all major pairs after SPD party ready for coalition talks .Stability in German politics has boosted Euro.
German IFO data came at 117.5 in Nov up from 116.80 and Eurozone PMI came at 57.5 in Nov. The positive economic data supported by German political stability is pushing the prices higher.
Technically, the pair is facing major psychological resistance at 1.2000 and any break above will take the pair to next till 1.20900. It should break above 1.2090 for further bullishness.
On the lower side, near term support is around 1.18800 (Resistance turned into support) and any break below will drag the pair down till 1.1850 (23.6% fibo)/1.1800. Minor weakness can be seen below 1.1760 (50- day MA). Short term weakness can be seen only below 1.1700 level.
It is good to buy on dips around 1.1880-85 with SL around 1.1830 for the TP of 1.200/1.2085.
