EUR/USD weakness only below weekly cloud top,good to buy on dips
The pair declined mildly after hitting six month high around 1.11719 yesterday. EUR/USD corrected till 1.10750 (21 W EMA) and once again jumped above 1.1100 level. It is currently trading around 1.11773.
EUR/USD is bullish trend as long as support 1.1067 to 1.10750 (Weekly cloud top and 21- W EMA).Any minor selling can be seen only if it closes weekly below that level. On the lower side any break below will drag the pair down till 1.1020 (resistance turned into support)/1.1000/1.0950/ 1.0830 (200- day MA).
The near term resistance is around 1.11725 high made yesterday and any breaking above the top formed will take the pair till 1.1205/1.1250/1.1290 (61.8% retracement of 1.16163 and 1.0340).
It is good to buy on dips around 1.1140 with SL around 1.1067 for the TP of 1.1290
EUR/USD is bullish trend as long as support 1.1067 to 1.10750 (Weekly cloud top and 21- W EMA).Any minor selling can be seen only if it closes weekly below that level. On the lower side any break below will drag the pair down till 1.1020 (resistance turned into support)/1.1000/1.0950/ 1.0830 (200- day MA).
The near term resistance is around 1.11725 high made yesterday and any breaking above the top formed will take the pair till 1.1205/1.1250/1.1290 (61.8% retracement of 1.16163 and 1.0340).
It is good to buy on dips around 1.1140 with SL around 1.1067 for the TP of 1.1290