EUR/USD breaks major trend line resistance, good to buy on dips
EUR/USD shown a huge jump yesterday after better than expected European economic data. The pair broken the major resistance 1.1730-1.1745 (100- day MA and trend line joining 1.20925 and 1.18580) and jumped till 1.18050 yesterday. It is currently trading around 1.17933.
German GDP rose 0.8% in the third quarter compared to forecast of 0.6%.Market awaits US CPI and retail sales which is to be released today for further direction.
Technically, the pair cancelled head and shoulder pattern after breaking above 1.1700 level. The near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880 (Oct 12th high)/1.19280/1.1200.
On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.1755-1.1760 with SL around 1.1700 for the TP of 1.1880/1.1928.
German GDP rose 0.8% in the third quarter compared to forecast of 0.6%.Market awaits US CPI and retail sales which is to be released today for further direction.
Technically, the pair cancelled head and shoulder pattern after breaking above 1.1700 level. The near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880 (Oct 12th high)/1.19280/1.1200.
On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600/1.1553 (Nov 7th 2017 low).
It is good to buy on dips around 1.1755-1.1760 with SL around 1.1700 for the TP of 1.1880/1.1928.