FxWirePro: EUR/USD trades lower on weak Eurozone data, good to sell on rallies

• Candlestick Pattern- Shooting star (2-hour chart).
   
• EUR/USD pared its gains made in Asian session after release of slightly weaker than expected European data . The pair declined more than 80 pips from the high of 1.23877.  It is currently trading around 1.23245
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• The fed hiked interest rate by 25bpbs and dot plot shows that only two more hikes in 2018. The profile for 2019 and particularly 2020 is expected to have more rate hikes. US dollar lost more than 120 pips after the data. Eurozone manufacturing and services data came slightly weaker than expected. German Ifo business climate indicator has slowdown to 114.6 compared to previous month 115.4.
   
• The pair is facing near term resistance of 1.2400 and break above will take the pair till 1.24460/1.2500. Bullish continuation can be seen above 1.2550.
   
• On the lower side, near term support is around 1.2300 and any violation below will drag the pair to next level till 1.2260/1.2240/1.2200.

It is good to sell on rallies around 1.2325-28 with SL around 1.2360 for the TP of 1.2260/1.2200.