FxWirePro: EUR/USD trades in narrow range, market eyes Jackson Hole
EUR/USD has shown a minor jump in European session after better than expected PMI data. The pair jumped till 1.17939 at the time of writing and is currently trading around 1.17821. The flash Markit Eurozone PMI came at 5…
EUR/USD has shown a minor jump in European session after better than expected PMI data. The pair jumped till 1.17939 at the time of writing and is currently trading around 1.17821.
The flash Markit Eurozone PMI came at 57.4 for Aug from 56.6 the previous month. It came slightly above expectations of 56.3.
Markets are lacking clear direction ahead of Jackson Hole symposium which is to be started on Thursday.
On the lower side, near term support is around 1.16575 (23.6% retracement of 1.08930 and 1.19103) and any break below will drag the pair till 1.15985/1.1500. The minor support is around 1.1750/1.1680.
The near term resistance is around 1.1850 and any break above will take the pair till 1.19103 (Aug 8th 2017)/1.19391 (1.13% retracement of 1.19103 and 1.16880)/1.1200.
It is good to buy on dips around 1.17000 with SL around 1.16500 for the TP of 1.1830.
