FxWirePro: EURUSD Trade Idea

• EUR/USD is continuing its weakness for 2nd consecutive weak on account of weak Eurozone data. The pair started its weakness after more dovish statement by ECB. The pair has broken major support of 1.2150 after ECB meeting and hits low of 1.2055 previous week. The pair continued its weakness in this week and broken major support 1.200 (200- day MA) and declined till 1.19397. It is currently trading around 1.19725.
   
•  US economy is expected to add 193000 jobs in the month Apr compared to previous month of 103000 and average hourly earnings m/m to be at 0.2% compared to 0.3% in previous month.
   
• On the lower side, near term major support is around 1.19400 and any convincing break below will drag the pair till 1.1850/1.1700.
   
• The nearby resistance is around 1.2040 and any break above will take the pair till 1.2100/1.2150 (Support turned into resistance).

It is good to sell on rallies around 1.2005-1.2010 with SL around 1.2070 for the TP of 1.1900/1.1855.

Resistance

R1- 1.2040
 

R2 –1.210
 

R3- 1.2150

Support               
 

S1- 1.1940
 

S2-1.1900
 

S3- 1.1845