FxWirePro: EUR/USD trades lower on weak German IFO data, good to sell on rallies
EUR/USD pared its gain made yesterday after weaker than expected German IFO data. Euro declined almost 60 pips form the today’s high of 1.23543. It is currently trading around 1.22893. German ZEW economic sentiment dropp…
EUR/USD pared its gain made yesterday after weaker than expected German IFO data. Euro declined almost 60 pips form the today’s high of 1.23543. It is currently trading around 1.22893.
German ZEW economic sentiment dropped to 5.1 March down from 17.8 compared to forecast of 13.0. Market eyes US FOMC meeting which is to be held tomorrow for further direction.
The pair is facing near term resistance of 1.2320 (20- day MA) and break above will take the pair till 1.2360/1.2400/1.2435/1.2500. Bullish continuation can be seen above 1.2550.
On the lower side, near term support is around 1.2260 and any violation below will drag the pair to next level till 1.2200/1.2165.
It is good to sell on rallies around 1.22980-1.2300 with SL around 1.2345 for the TP of 1.2200/1.2165.
