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FxWirePro: EUR/USD trades higher on easing Spain geo political tensions, good to buy on dips

  • EUR/USD recovered sharply from the low of 1.16621 on easing geopolitical tensions in Spain and ECB QE tapering program. The pair jumped above 1.18325 high made on Sep 29th 2017 till 1.18448. It is currently trading around 1.18100.
     
  • Euro trades stable above psychological resistance 1.1800 after Catalonian PM called for discussion with Spain regarding independence. Catalonia independence declaration has been signed and suspended amid fears that spilt from Spain would cause turmoil.
     
  • On the higher side, near term resistance is around 1.1863 (233- 4H MA) and any break above will take the pair to next level till 1.1900/1.19280 (61.8% retracement of 1.20925 and 1.16621).
     
  •  The near term support is around 1.1780 (55- H EMA) and any break below will drag the pair down till 1.1755 (233- H MA)/1.17370 (61.8% retracement of 1.16620 and 1.18448)/1.1720. Bearish invalidation only below 1.11660.

It is good to buy on dips around 1.1780 with SL around 1.17370 for the TP of 1.1870/1.1900.

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