• FxWirePro: EUR/USD hits 3- year high, good to buy on dips

    Source: FxWire Pro - Technicals / 24 Jan 2018 06:24:52   Eastern Standard Time

    • Major resistance – 1.2325.
       
    • EUR/USD has shown a good recovery after a minor consolidation between 1.2323 and 1.26150 for the past one week. It has broken previous high of 1.2325 and hits 3- year high at 1.23554 at the time of writing. It is currently trading around 1.2335.
       
    •  Europe’s flash PMI data released today was mixed with flash services data of France , Germany and Eurozone came better than expected compared to manufacturing data.
       
    •  The near term resistance 1.2370 (127.2% fibo) and any break above will take the pair to next level till 1.2600/1.3000.
       
    • The minor support is around 1.2200 and any violation below targets 1.2165/1.20900-1.2103 (resistance turned into support)/200- 4H EMA).

    It is good to buy on dips around 1.2300 with SL around 1.2245 for the TP of 1.2600/1.3000.