Intraday trend – Bearish
Major intraday support– 1.1100
The pair continues to trade weak and hits a fresh new low onboard based US dollar buying. The war between Russia and Ukraine has increased the demand for safe-haven assets. The jump in US treasury yield also supports the US dollar. Markets ISM services index and Jobless claims for further direction. It hits an intraday low of 1.10720 and is currently trading around 1.10828.
Technical-
Any breach below 1.1100 confirms intraday bearishness. A dip to 1.080/1.0720 is possible.
The immediate resistance to be watched is 1.1150; any violation above will take the pair to 1.1200/1.1265/1.1300/1.1400.
Indicators (4-hour)
Directional movement index –Bearish
CCI (50) – Bearish
It is good to sell on rallies around 1.1150 with SL around 1.120 for a TP of 1.08/1.0635.
