FxWirePro:EUR/USD faces strong support at 1.06200,good to buy on dips
Major support – 1.06200 EUR/USD made a low of 1.06405 and jumped sharply from that level.The pair is slightly bullish for the day as long as support 1.06200 holds. On the lower side, 1.05850 will be acting as major suppo…
EUR/USD made a low of 1.06405 and jumped sharply from that level.The pair is slightly bullish for the day as long as support 1.06200 holds.
On the lower side, 1.05850 will be acting as major support and any minor weakness can be seen only below that level. Any break below 1.0585 will drag the pair till 1.0500/1.04500 (Jan 11th 2017 low).
The major resistance is the top formed at 1.08735 and short term bearish invalidation only above that level. Any violation above 1.08735 confirms short term bullishness and jump till 1.09335 (61.8% retracement of 1.12994 and 1.03402). The minor resistance is around 1.07300 (10- day MA)/1.0800/1.08288(Feb 2nd high).
It is good to buy on dips around 1.06700 with SL around 1.06200 for the TP of 1.0730/1.0800.
