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EURUSD recovers sharply nearly 90 pips from yesterday's low of 1.10956. US dollar was unable to hold gains as markets expect more rate cut form Fed to counter coronavirus. The overall trend is still bullish as long as support 1.10900 holds.
US private sector has added 183000 jobs in Feb compared to a forecast of 170000 and ISM services came at 57.3 much better than the estimate of 54.9. Markets eye US Non-Farm Payroll data for further direction.
Technically, immediate resistance is at 1.1245 and any break above will take the pair to the next level till 1.12885/1.1300.
On the flip side, near term, support is at 1.1150 and any indicative break below will drag the pair till 1.1090/1.1035.
It is good to buy on dips around 1.1160-620 with SL around 1.1120 for the TP of 1.1280.
