Trend line resistance- 1.11275 (trend line joining 1.12016 and 1.11554)
EURUSD trades above trend line resistance on 50 bpbs rate cut hopes. It hits a high of 1.11463 at the time of writing and is currently trading around 1.11447.
German ZEW Sep economic sentiment dropped to 3.6 from 19.2 previous month, below the forecast of 17.
The pair trades above short-term (34 AND 55 EMA) in 4-hour chart. Major resistance to watch- 1.11554/1.1168/1.1200. Bullish continuation only above 1.12050.
Major support- 1.1100,1.1060/1.100/1.09880.
Indicators ( 4- hour chart)
Directional movement index -Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around 1.11358-60 with SL around 1.1106 for a TP of 1.1200.
