- EURUSD pared most of its gain on yesterday. The pair hits high of 1.19960 and started to decline from that level. The pair declined almost 90 pips and is currently trading around 1.19220. German GDP data and ZEW economic sentiment came today was slightly weaker than expected. German GDP came at 0.3% QOQ compared to forecast of 0.4%. German ZEW Economic sentiment dropped to -8.2 points this month compared to -8.0. The pair hits intraday low of 1.19104. It is currently trading around 1.18500
. - US retail sales came slightly weaker than expected. It came at 0.3% compared to forecast of 0.5%.But US empire state manufacturing index came at came at 20.1 compared to forecast of 15.1 which will be released today for further direction.
- On the higher side, near term major resistance is around 1.2020 (200- day MA) and any break above will take the pair to next level till 1.2075/1.2100.
- The near term support is at 1.1900 and any break below will drag the pair to next level till 1.18000.
It is good to sell on rallies around 1.1955-60 with SL around 1.2010 for the TP of 1.1800/1.1715.
Resistance
R1- 1.2020
R2 –1.2075
R3- 1.2100
Support
S1- 1.18500
S2-1.1800
S3- 1.1705
