FxWirePro: EUR/USD upside capped by 1.1000 level, good to buy on dips
EURO was consolidating in narrow range between 1.09498 and 1.08500 for the past two weeks. The pair broken the high of 1.09498 made after Macron won the first round of French Presidential elections and jumped till 1.0989…
EURO was consolidating in narrow range between 1.09498 and 1.08500 for the past two weeks. The pair broken the high of 1.09498 made after Macron won the first round of French Presidential elections and jumped till 1.09899.
Euro trades higher on upbeat EZ PMI data. EU composite PMI data came at 56.4 better than initial estimate of 56.2.Markets await U.S Non-Farm payroll for further direction.
On the higher side, near term resistance is around 1.1000 and any break above targets 1.1020/1.1070 level. The pair should close above 1.100 level for bullish continuation.
The near term major support is around 1.0838 (200 day MA) and any close below confirms further weakness, a decline till 1.0780/1.07265 (61.8% retracement of 1.06822 and 1.09899). Major intraday support is around 1.0940/1.08500.
It is good to buy on dips around 1.0940 with SL around 1.0870 for the TP of 1.100/1.1070.
