FxWirePro: EUR/USD trades weak, good to sell on rallies
EUR/USD declined almost 150 pips after hitting fresh 3- year high on Friday on better than expected US housing and building permits. The pair hits low of 1.23880. It is currently trading around 1.24078. US housing starts…
EUR/USD declined almost 150 pips after hitting fresh 3- year high on Friday on better than expected US housing and building permits. The pair hits low of 1.23880. It is currently trading around 1.24078.
US housing starts jumped almost 10% in Jan to an annual rate of 1.33 million and building permits also hit a 10-1/2 high to 1.40 M compared to forecast of 1.29 M.
The pair is facing near term resistance of 1.2440 (55- H EMA) and break above will take the pair till 1.250 (61.8% fib)/1.2650/1.2700. Bullish continuation can be seen above 1.2540.
On the lower side, near term support is around 1.24600 (23.6% fib) and any violation below will drag the pair to next level till 1.2430/1.2380/1.2300. Minor weakness can be seen only below 1.2200.
It is good to buy on dips around 1.2525-30 with SL around 1.24800 for the TP of 1.26125/1.2635.
