FxWirePro: EUR/USD trades lower on Germany political uncertainty, good to buy on dips
EUR/USD is showing a weakness for the past two days after hitting high of 1.18611 on account recent political turmoil in Germany. The pair declined till 1.17140 and is currently trading around 1.17360. The recent turmoil…
EUR/USD is showing a weakness for the past two days after hitting high of 1.18611 on account recent political turmoil in Germany. The pair declined till 1.17140 and is currently trading around 1.17360. The recent turmoil in Germany was main reason for drop in Euro prices. The Jamaica party is over in Germany as coalition talks got failed due to sudden walk out by FDP party. The breakdown ahs raised chances of new elections in Germany.
Technically, the pair is facing major resistance at 1.1880 (Oct 12th 2017 high) and any break above will take the pair to next level till 1.1928/1.1200. It should break above 1.1209 high made on Sep 8th 2017. The near term resistance is around 1.1760 and any break above will take the pair to next level till 1.1800/1.1825.
On the lower side, major support is around 1.17000 and any break below will drag the pair to next level till 1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.17200 with SL around 1.1660 for the TP of 1.1800/1.1865.
