EURUSD consolidates after hitting high of 1.13479 on Jun 7th. The pair jumped more than 200 pips from low of 1.11069 level. The jump was mainly due to dovish Fed comments and weak US NFP has increased hopes of rate cut.US President Trump recent tweet about currency manipulation is also supporting Euro. He tweeted that ‘The Euro other currencies are devalued against US dollar putting the U.S at a big disadvantage’. Markets eye US CPI data which is major inflation data to be released today for further direction.
On the higher side, 1.13500 will be acting as near term resistance and any indicative break above will take the pair to next level till 1.13800/1.14450 level The pair should break above 1.1445 for further direction.
The near term support is around 1.12700 and any violation below that level will drag the pair to net level till 1.1215/1.11750.
It is good to buy on dips around 1.1300 with SL around 1.1260 for the TP of 1.1400.