• FxWirePro: EUR/USD hits 2.5 month high, good to buy on dips

    Source: FxWire Pro - Technicals / 21 Sep 2018 02:50:44   America/New_York

    EUR/USD was trading higher yesterday and hits 2.5 month high after breaking major resistance 1.17335 high made on Aug 28th 2018. This shows that EURUSD is on bullish continuation pattern from the low of 1.13010 made on Aug 15th 2018.


    With no major economic release in US today markets eye Eurozone flash PMI data for further minor movement.

     

    The near term major resistance is around 1.1800 and any break above will take the pair till 1.18523 high made on Jun 14th 2018. Any convincing break above 1.18523 confirms bullish continuation and a jump till 1.1945 (200- day MA) is possible.

     

    On the lower side, major near term support is around 1.17288 (23.6% fib) and any break below will drag the pair till 1.16700/1.1600. Any dip below 1.1500 will confirm bearish continuation.

     

    It is good to buy on dips around 1.1755-60 with SL around 1.1700 for the TP of 1.1845/1.1940.

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