• FxWirePro: EUR/USD daily outlook

    Source: FxWire Pro - Technicals / 06 Mar 2018 06:04:47   Eastern Standard Time

    • EUR/USD was trading quiet after hitting high of 1.23649. Euro gained almost 1% after Trump announced stiff tariff on steel and aluminum. The pair was in consolidation after Eurozone data such as services PMI, retail sales and consumer confidence misses estimate.
    • Market eyes ECB meeting which is to be happened on Thursday for further direction. No major changes are expected in the policy meeting but any plans to reduce the bond buying will be positive for euro.
    • The pair is facing near term resistance of 1.23650 and break above will take the pair till 1.2400/1.2435. Bullish continuation can be seen above 1.2550.
    • On the lower side, near term support is around 1.2270 and any violation below will drag the pair to next level till 1.2200/1.2160.

    It is good to buy on dips around 1.2300 with SL around 1.2200 for the TP of 1.2345/1.2400.