FxWirePro: EUR/USD trades lower post German IFO data, good to sell on rallies
EUR/USD is under pressure post German IFO data and market waits ECB President Draghi to testify about economy in Brussels. The pair has broken major support of 1.19000 and declined till 1.18873. The pair formed major top…
EUR/USD is under pressure post German IFO data and market waits ECB President Draghi to testify about economy in Brussels. The pair has broken major support of 1.19000 and declined till 1.18873. The pair formed major top around 1.20925 and any further bullishness only above that level jumped near 1.200 handle and is currently trading around 1.18775.
German IFO climate for Sep came below market expectations. It came slightly down at 115.2 against forecast of 116.
The pair hits intraday low of 1.1880 and any break below 1.18230 confirms minor weakness. Any break below 1.18230 will drag the pair down till 1.1760 (55- day EMA)/1.1700.
On the higher side, near term resistance is around 1.19500 and any break above will take the pair till 1.2000/1.2030/1.20925.
It is good to sell on rallies around 1.1935-1.1940 with SL around 1.200 for the TP of 1.18250/1.1800.
