EUR/USD is keeping firm above 1.1800 ahead of the ECP meeting and US CPI release. The multi-day recovery seems sound with the pair currently trading at 1.1868. On a broader view euro is getting support from the bearish view on the US dollar. The pair’s immediate support level is at 1.1820 while the 1.1800 and 1.770 are acting as strong support levels. The intraday resistance stands at 1.1884. Other resistances are at 1.1915 and 1.1955 levels.

This RSI is at 58 and supportive to the upwards momentum. The pair has also moved above the mid-Bollinger band while the upper Bollinger supports a move until 1.1935. The SMA-21 indicates support at 1.1843 and the SMA-50 is showing support 1.17038. Currently, the pair is good to buy on dips. A decent entry point would be at or near 1.1830 while keeping a target of 1.1885. A tight stop-loss for this trade would be just below the 1.1800 support level.

Bulls would need a weekly closing above 1.1850 to continue taking the pair further higher. Only a weekly closing below 1.1760 would provide some space to the bears.

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By LCMS Traders FX Analysis Team

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