EURUSD is trading in narrow range for past two trading day. The pair jumped till 1.13665 yesterday after weaker than expected US durable goods and Philly fed manufacturing index. US durable goods rose 1.2% in Dec but US core capital goods orders declined to -1.0% compared to -0.6% in previous month.Philly Fed manufacturing index declined sharply to -4.1 from 17 in Jan. The pair hits low of 1.13208 yesterday and is currently trading around 1.13414.
Markets eye German IFO Business climate and ECB Draghi speech for further direction.
The near term resistance is around 1.1379-87 (300- 4H EMA and 200- 4H MA) and any violation above targets 1.1435/1.1500. The pair should convincingly break 1.1500 for further direction.
On the lower side, near term support is around 1.13200 and any break below will drag the pair till 1.12670/1.12300. Any further weakness only below 1.12150.
It is good to buy on dips around 1.1335 with SL around 1.1300 for the TP of 1.1435
