Intraday trend – Bearish
Major intraday support– 1.1280
The pair regained above 1.1300 on upbeat German IFO data. The IFO business climate index rose 98.9 points in Feb from 96 points in Jan, above the estimate 96.4. The escalation of tension between Russia and Ukraine is putting pressure on the pair at a higher level. Markets await geopolitical headlines for further direction. EURUSD hits an intraday high of 1.13366 and is currently trading around 1.13227. The US 10-year yield declined more than 10% after hitting a high of 2.06%.
Technical-
Any breach below 1.1280 confirms intraday bearishness. A dip till 1.1230/1.1180 is possible.
The immediate resistance to be watched is 1.1360; any violation above will take the pair to 1.1400/ 1.1435/1.150/ 1.1580.
Indicators (4-hour)
Directional movement index –Neutral
CCI (50) – Bearish
It is good to sell on rallies around 1.1360-625 with SL around 1.1400 for a TP of 1.1180.
