FxWirePro: EUR/USD trades weak, market eyes US Fed minutes meeting
EUR/USD shown a minor jump from the low of 1.23076 level. But Euro zone PMI data which was released today was slightly weaker than expected. It is currently trading around 1.23115. The flash version on PMI data of French…
EUR/USD shown a minor jump from the low of 1.23076 level. But Euro zone PMI data which was released today was slightly weaker than expected. It is currently trading around 1.23115.
The flash version on PMI data of French, German and Eurozone came at slightly weaker than expected. Market awaits US Fed minutes meeting for further direction. Any hawkish statement will push the US dollar further higher.
The pair is facing near term resistance of 1.2360 (233- H MA) and break above will take the pair till 1.24025 (38.2% fib)/1.2437 (100- H MA)/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 1.2275/1.2200/1.2165. Minor weakness can be seen only below 1.2200.
It is good to sell on rallies around 1.2360-65 with SL around 1.2420 for the TP of 1.2275/1.2200.
