FxWirePro: EUR/USD trades higher on weak U.S economic data, good to buy on dips
Euro recovered sharply after hitting 1.08392 on Friday after weaker than expected U.S retail sales and CPI data. It is currently trading around 1.09420. U.S retail sales rose 0.4% last month compared to forecast of 0.6%.…
Euro recovered sharply after hitting 1.08392 on Friday after weaker than expected U.S retail sales and CPI data. It is currently trading around 1.09420.
U.S retail sales rose 0.4% last month compared to forecast of 0.6%. U.S headline consumer prices rose 2.2% from a year earlier in April, compared to the previous 2.4% gain, and missed estimates of 2.3%.US Dollar index retreated after weak set of economic data
The pair minor resistance is around 1.09500 and any break above will take the pair till 1.09800/1.1000. The high made on May 7th 2017 will be acting as major resistance and any break above will take the pair till 1.1060/1.11200 (61.8% retracement of 1.16163 and 1.03400).
On the lower side, major support stands at 1.08370 (200 day MA) and any break below confirm major weakness a decline till 1.05694 likely.
Overall bullish continuation can happen above 1.1020 level.
It is good to buy on dips around 1.0910-15 with SL around 1.0850 for the TP of 1.100/1.1020/1.1060.
