Intraday trend – Neutral
Major intraday resistance – 1.12725
The pair has declined two times after a minor jump above 200-H MA. The hopes of a rate hike and increase in coronavirus cases in Europe are putting pressure on Euro at higher levels. Markets eye German IFO, Fed meeting minutes, and US PCE index for further direction. It hits an intraday low of 1.12353 and is currently trading around 1.12385. Any breach below 1.12200 confirms further bearishness. A dip till 1.1180/1.1150 is possible.
The immediate resistance to be watched is 1.12750; any violation above will take the pair to 1.1300/1.13625/1.1400.
Indicators (1-hour)
Directional movement index –Neutral
CCI (50) - Bearish
It is good to sell on rallies around 1.1258-60 with SL around 1.1300 for a TP of 1.1150.
