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FxWirePro: EUR/USD trades slightly above 1.2300 level, market eyes US Fed chairman testimony

  • EUR/USD was trading marginally higher and jumped till 1.23227 0.05% higher. Market awaits ahead of his appearance Fed Jerome Powell testimony in congress for further direction. His testimony will be released at 13.30 GMT, ahead of his appearance at 15:00GMT. It is currently trading around 1.23420.

  • Market awaits US durable goods order and Consumer board consumer confidence data which is to be released today will have mild impact on the pair.
  • The pair is facing near term resistance of 1.2363 (20- day MA and break above will take the pair till 1.2442 (61.8% Fibo)/1.2500. Bullish continuation can be seen above 1.2550.
  • On the lower side, near term support is around 1.2280 and any violation below will drag the pair to next level till 1.2200/1.2165. Minor weakness can be seen only below 1.2200.

It is good to buy on dips 1.2300 with SL around 1.2360 for the TP of 1.2200/1.2165.

 

 

 

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