The disappointing US data weakens the US dollar further. At yesterday’s session, the US dollar declined further against most major currencies. The focus shifts in today’s German prelim CPI, Spanish Flash CPI, German unemployment, and the OPEC meetings. The euro stood high against the US dollar and gained another 30pips. At yesterday’s session, the pair faced resistance at the descending trend line on the daily chart. Today, the pair opened on a bearish note. In case, if the pair breaches 1.2531, it has another multiple resistance between 1.2575 and 1.2600. Until the pair closes below 1.2600 , bears hardly try to push the prices down. We recommend fresh intraday buying only above 1.2510 with the targets at 1.2530, 1.2575, and 1.2600. In case, the prices close above 1.2600, further 200 pips upswing will ignite. On the down side, the pair has support at 1.2486 and 1.2440. Risky traders can start selling below 1.2485 and safe traders could sell below 1.2440. For the near term, 1.2600 is the key level on the bullish front. 1.2350 and 1.2320 are the key support levels on the support side. The panic will be triggered below 1.2320 with the targets at 1.2250 and 1.2226. In case if the prices close below 1.2226, it can extend its fall up to 1.2100. The focus shifts in today’s German prelim CPI, Spanish Flash CPI, German unemployment and OPEC meetings.
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