Potential Reversal Zone (PRZ)- 1.12150
EURUSD trades weak despite upbeat European economic data. It hit a low of 1.109763 yesterday g and is currently trading around 1.109771.
German’s Industrial Production came at 2.9% in Sep, above market expectations of 0.80%.
Intraday bias remains bearish as long as resistance 1.1000 holds.
Market eyes Fed member Bostin, Collins, and Jefferson's speech for further movement.
Technicals-
The pair is trading below 34- and 55 EMA in the 4-hour chart.
The near-term resistance is around 1.1000, a breach above targets 1.1030-/1.106501.10850/1.11050/1.1150. Major bullish continuation only above 1.1150. A jump above will take the pair to 1.11780/1.12150. The immediate support is at 1.0950,any violation below will drag the pair to 1.09025/1.0900.
Indicator ( 4-Hour chart)
CCI (50)- Bearish
Average directional movement Index -Neutral. All indicators confirm a bearish trend.
Sell-on rallies around 1.1000 with SL around 1.1050 for a TP of 1.09250.
