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Intraday trend – Bullish
Major intraday resistance– 1.0300
The pair showed a nice pullback despite weak German IFO data. The Ifo business climate index dropped to 88.6 in July compared to a forecast of 90.2, the lowest level in more than two years. The sell-off in US treasury yields also puts pressure on the US dollar. According to the CME Fed watch tool, the probability of a 100 bpbs rate hike in Jul dropped to 22.5% from 29.1% a week ago. It hits an intraday high of 1.02577 and is currently trading around 1.02391.
Technical-
Any breach below 1.010 confirms a bearish continuation; a dip to 1/0.9945 is possible.
The immediate resistance to be watched is 1.0300; any violation above will take the pair to 1.0400/1.0520/1.0565/1.0620.
Indicators (4-hour)
Directional movement index –Bullish
CCI (50) – Bullish
It is good to buy on dips around 1.020 with SL around 1.000 for a TP of 1.0610.
