FxWirePro: EURUSD trades well above pschycological 1.1000 level, good to buy on dips
Wednesday, November 2, 2016 10:22 AM UTC
- Major resistance – 1.11050 (trend line joining 1.12793 and 1.12443)
- Major support – 1.1015 (21- day MA)
- The pair breaks 55- day EMA today morning and jumped till 1.0994 at the time of writing. The pair slightly declined from the high of 1.09984 after mixed manufacturing PMI reports from Euroland.
- Currently, EUR/USD trades at 0.26% higher at 1.10837 and upside is rejected at 1.1100 level.
- In terms of technicals, the pair finds resistance at 1.1100 (psychological resistance) and any break above will take the pair to next level till 1.1128 (50- day MA)/1.1175 (200- day MA).
- On the lower side, immediate support stands 1.1055 (daily Kijun-Sen)/1.1000/1.0930 (10- day MA).
It is good to buy on dips around 1.1050 with SL around 1.1000 for the TP of 1.1175