FxWirePro: EUR/USD Faces Strong Support at 1.1250, Good to Buy at Dips

FxWirePro: EUR/USD Faces Strong Support at 1.1250, Good to Buy at Dips

16 May 2016, 10:18
Roberto Jacobs
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FxWirePro: EUR/USD Faces Strong Support at 1.1250, Good to Buy at Dips

  • Major support – 1.1250 (trend line joining 1.11527 and 1.12150) 
  • The pair has taken support near 55 day EMA and jumped till 1.13252 at the time of writing. It is currently trading around 1.13225. 
  • Short term trend is slightly bullish as long as support 1.12500 holds. 
  • Any break below 1.1250 will drag the pair till 1.1200/1.11500. 
  • On the higher side minor resistance is around 1.13370 and any break above targets 1.1365 (200 day 4H MA)/1.1400/1.1450 level. 
  • Overall bearish invalidation only above 1.16200.

It is good to buy at dips around 1.1310 with SL around 1.1250 for the TP of 1.1398/1.1450.

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