EUR/USD retreated yesterday from the high around 1.1879 after better than expected US jobless data. The pair is currently trading around 1.1848 with a slightly bearish tone with the possibility to retest the minor support around 1.1820. In our Oct.11 EUR/USD update, we mentioned that a daily close above 1.1860/80 resistance is necessary for the next leg of bullish momentum but the pair failed to break this level yesterday. If the 1.1860/80 resistance level holds today’s trading session also then the current bullish momentum will eventually fade. Today’s US CPI data release will act as a catalyst for setting the direction of the next trend.
Support: 1.1820, 1.1800/1.1780, 1.1730/20 & 1.1661 [Aug.17 low].
Resistance: 1.1860/80 & 1.1935.
Trading Recommendation: Buy Limit: 1.1820, SL below: 1.1780 [H1 Bases] & TP at: 1.1880/1.1900/1.1935.
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