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Intraday trend – Neutral
Major intraday Support– 1.1230
The pair is trading higher for the third consecutive day after hitting a 20-month low at 1.11214. It was one of the worst performers the previous month on hawkish US Fed monetary policy. The slight profit booking in US 10-year yields is supporting the pair at lower levels. US ISM manufacturing PMI for Jan came at 57.6 compared to a forecast of 57.40. Markets eye US ADP employment data for further direction. It hits an intraday high of 1.12778 and is currently trading around 1.12747.
Technical-
Any breach below 1.12300 confirms intraday bearishness. A dip till 1.1180/1.1120 is possible.
The immediate resistance to be watched is 1.1300; any violation above will take the pair to 1.13800/1.1435.
Indicators (1-hour)
Directional movement index –Neutral
CCI (50) – Bullish
It is good to buy on dips around 1.1248-50 with SL around 1.1200 for a TP of 1.1380/1.1435.
