EUR/USD trades lower on profit booking, good to buy on dips
Euro has shown a slight profit booking after hitting fresh 52 week high yesterday. Market awaits ECB meeting tomorrow for further direction. ECB might be more hawkish than expected and that will make the Euro to rise further.
The pair has declined till 1.15147 (23.65 fibo) and jumped till 1.15377 at the time of writing. It is currently trading around 1.1538.
The near term resistance is around 1.1614 (May 3rd 2016 high) and any break above targets 1.1716 (Aug 28th 2017 high).
On the downside near term support is around 1.15150 (23.6% retracement of 1.13123 and 1.15830) and any break below will drag the pair down till 1.1434 (10- day MA)/1.13700.
Any break below 1.13700 will drag the pair down till 1.1320/1.1290. Short term weakness can be seen only below 1.12900.
It is good to buy on dips around 1.1520 with SL around 1.1465 for the TP of 1.1640/1.17135.
The pair has declined till 1.15147 (23.65 fibo) and jumped till 1.15377 at the time of writing. It is currently trading around 1.1538.
The near term resistance is around 1.1614 (May 3rd 2016 high) and any break above targets 1.1716 (Aug 28th 2017 high).
On the downside near term support is around 1.15150 (23.6% retracement of 1.13123 and 1.15830) and any break below will drag the pair down till 1.1434 (10- day MA)/1.13700.
Any break below 1.13700 will drag the pair down till 1.1320/1.1290. Short term weakness can be seen only below 1.12900.
It is good to buy on dips around 1.1520 with SL around 1.1465 for the TP of 1.1640/1.17135.