Intraday trend – Bullish
Major intraday resistance– 1.140
The pair recovered nearly 100 pips from a low of 1.12801 on board-based US dollar weakness. The easing geopolitical tensions have decreased demand for safe-haven assets. Markets eye US Fed meeting minutes and US retail sales for further direction. The US 10-year yield holding above 2% as surging US inflation. Headline US PPI for Jan accelerated to 9.7 YoY vs 9.1 expected. It hits an intraday high of 1.13794 and is currently trading around 1.13788.
Technical-
Any breach below 1.1340 confirms intraday bearishness. A dip till 1.1300/1.1230 is possible.
The immediate resistance to be watched is 1.1380; any violation above will take the pair to 1.1435/1.150/ 1.1580/1.1700.
Indicators (1-hour)
Directional movement index –Bullish
CCI (50) – Bullish
It is good to buy on dips around 1.1348-50 with SL around 1.1300 for a TP of 1.150.
