The euro gave a strong close after a muted weekend's session. Soft US data and Greece's issue powered euro bulls during yesterday's session. Ahead of the FOMC meeting, USD is trading lower against the most majors. But the pair was unable to breach Friday's high of 1.1296. At today's Asian session, the pair opened higher on a bearish note. The pair managed to close above 100Dema at 1.1240. The weekly support is found at 1.1050 20Wsma.
In case bulls manage to take off 1.1296, they will aim at 1.1387 with intermediate resistance at 1.1345. Intraday support is found at 1.1260, 1.1240, and 1.1220. The selling pressure looms below 1.1189 accelerates below 1.1150 towards 1.1130 and 1.1110. The panic will be triggered below 1.1050 towards 1.1000, 1.0930, 1.0890, and 1.0853. Until the pair closes below 1.1380, a target is seen at 1.1050 and even lower at 1.0850. We expect higher lows in the daily and H1 charts. But the higher high is not reached yet. Bulls must breach 1.1300 during the intraday session. On a weekly basis, they need to breach 1.1400.
Trade: Based on the above given levels, buying is available above 1.1300 with targets at 1.1330, 1.1345, and even 1.1380/1.1420. Selling is available below 1.1240 with targets at 1.1220, 1.1205, 1.1190, and even lower a t1.1150. Safe selling emerges below 1.1185.
Tomorrow's FOMC meeting and Thursday's Euro group meeting will provide a new trend in this pair.
To contact the author of this analysis, please email- [email protected]
The material has been provided by InstaForex Company – www.instaforex.com