• FxWirePro: EUR/USD trades slightly lower, good to buy on dips

    Source: FxWire Pro - Technicals / 16 Jan 2018 08:11:16   Eastern Standard Time

    • EUR/USD has shown a minor correction after a good upside move in previous week. The pair was trading strong in previous week on account of political stability in Germany and hawkish comment from ECB members. The pair jumped till 1.2296 yesterday and is currently trading around 1.22318. 
       
    • Euro is continuing its bullishness for fifth consecutive week on account of hawkish comment by ECB Governing Council member. ECB Governing council Member Ardo Hansson said in interview to end the bond purchases after Sep.
       
    • Technically, near term resistance is around 1.2600 (61.8% fibo) and any break above will take the pair to next level till 1.300/1.3550.
       
    • On the lower side, near term support is around 1.2200 (55- H EMA) and any break below will drag the pair down till 1.2110 (100- H MA)/1.2050 (233- H MA). Intraday weakness only below 1.2000. 

    It is good to buy on dips around 1.2145-15 with SL around 1.2000 for the TP of 1.2600/1.3000.