FxWirePro: EUR/USD trades higher on upbeat Eurozone PMI, good to sell on rallies
EUR/USD recovered sharply from the low of 1.18612 on account of better than expected German and Eurozone PMI data. The pair jumped near 1.200 handle and is currently trading around 1.19829. The composite purchasing manag…
EUR/USD recovered sharply from the low of 1.18612 on account of better than expected German and Eurozone PMI data. The pair jumped near 1.200 handle and is currently trading around 1.19829.
The composite purchasing managers index for currency rose to 56.7 four month high in Sep. France and German composite PMI rose better than expected at 76 –month high and 77- month high respectively.
The pair hits intraday high of 1.20023 and shown a minor decline from that level. The near term resistance is around 1.20343 high made on Sep 20th 2017 and any break above will take the pair to next level till 1.20925/1.2200.
On the lower side, near term support is at 1.19500 and any break below will drag the pair till 1.1900/1.1856 (34- day EMA).
It is good to sell on rallies around 1.19950-1.2000 with SL around 1.2050 for the TP of 1.1905/1.1865.
