Candlestick pattern- Hammer (Hourly chart)
EURUSD hits fresh 22-month low after release of US advance GDP data It came at 3.2% much better than forecast of 2.2%. But slight decline in deflator 1.3% compared to 1.8% in 4th quarter and consumer spending 1.2% declined from 2.5% previous quarter. The pair hits low of 1.11106 and recovered till 1.11533 at the time of writing. It is currently trading around 1.11536.
On the higher side, near term resistance is around 1.1157 (55- H EMA) and any violation above will take the pair to next level till 1.1200/1.1230.
The major support is around 1.1100 and any violation below will take the pair to next level till 1.070/1.050.
It is good to buy on dips around 1.11350 with SL around 1.1100 for the TP of 1.1230.
