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FxWirePro: EUR/USD recovers slightly from low of 1.15716, good to sell on rallies

EUR/USD recovers slightly from low of 1.15716, good to sell on rallies

 

  • EUR/USD has shown a minor jump after a massive sell off in previous week after ECB cuts bond buying from 60bn euros to 30bn euros from Jan 2018. The pair dipped till 1.15716 lowest since Jul 2017 and is currently trading around 1.16376.

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  • Market is in corrective mood and it awaits German CPI and US Core PCE data for further direction.

     

  • On the lower side, the near term support is around 1.15450 (161.8% retracement of 1.16691 and 1.1880) and any convincing break below will drag the pair down till 1.1500/1.1400.

     

  • On the higher side, near term resistance is around 1.16486 (23.6% retracement of 1.1880 and 1.15716) and any break above will take the pair to next level till 1.1700/1.1720/1.17560. Minor bullishness only above 1.18800.

It is good to sell on rallies around 1.1685-1.1690 with SL around 1.1755 for the TP of 1.1500/1.1400.

 

Our chart for the call

 

 

 

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