FxWirePro:EUR/USD trades higher on better then expected Eurozone inflation, good to buy on dips
Friday, June 29, 2018 11:13 AM UTC
- EUR/USD has shown a huge jump of more than 100 pips for the day due to late night EU migration deal in European summit has stabilized German government. The pair hits high of 1.1660 and shown a minor decline. It is currently trading around 1.16357.
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- The Eurozone inflation rose to 2% above ECB target for the first time since 2017 Jun. Markets eye US personal spending, core PCE data for further direction.
- EURUSD formed almost triple bottom around 1.1500 and shown a good jump. Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely. Short term bullish invalidation below 1.1500.US 10 year and 2-year bond yield is trading flat.
- On the higher side, near term resistance is around 1.1680 (20-day MA) and any break above will take the pair to next level till 1.1750/1.1800/1.1850.
It is good to buy on dips around 1.1600-605 with SL around 1.1550 for the TP of 1.1725/1.1745.
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