FxWirePro: EUR/USD upside capped by 50 –day MA, good to buy on dips
EUR/USD is continuing its minor bullishness for second consecutive session. The pair was trading slightly weak in Asian session after Chinese President XI promises to cut car import tariff and eases rules for foreign own…
EUR/USD is continuing its minor bullishness for second consecutive session. The pair was trading slightly weak in Asian session after Chinese President XI promises to cut car import tariff and eases rules for foreign ownership in car industry. The pair hits high of 1.23350 (50- day MA) and is currently trading around 1.2322.
The pair is facing minor near term support is around 1.2260 and any break below will drag the pair down till 1.2200/1.2165. Overall bearish continuation below 1.2165.
On the higher side, near term resistance is around 1.2335 (50- day MA) and any convincing break above will take the pair to next level till 1.2380/1.2435.Major bullishness only above 1.2550.
It is good to buy on dips around 1.2280-85 with SL around 1.2250 for the TP of 1.2380/1.2435.
