- EUR/USD was trading quiet in European session after hitting high of 1.23649 on Friday. Euro gained sharply almost 0.58% in the U.S session. The pair was in consolidation mode yesterday after Eurozone data such as services PMI, retail sales and consumer confidence misses estimate.
- Market eyes ECB meeting which is to be happened on Thursday for further direction. No major changes are expected in the policy meeting but any plans to reduce the bond buying will be positive for euro.
- The pair is facing near term resistance of 1.2400 and break above will take the pair till 1.2435/12465. Bullish continuation can be seen above 1.2550.
- On the lower side, near term support is around 1.2270 and any violation below will drag the pair to next level till 1.2200/1.2160.
It is good to buy on dips around 1.2365 with SL around 1.2300 for the TP of 1.2465/1.2500.
R2 – 1.2455