EUR/USD Sluggish: Go Long On Dips
Ali Syed Arsalan | Apr 02, 2018 11:24AM ET
EUR/USD is trading in a very tight range between 1.2310 and 1.2337 since open today as there is a holiday on Easter Monday. The low of 1.22832 came on Thursday and has since shown little recovery from that level. There will be no macro-economic data to be released during Europe and market eyes US ISM manufacturing index data for further indication. It is currently trading around 1.2337.
Prices are expected to trade in narrow range as most countries are observing a holiday due to Easter.
Support for EUR/USD lies around 1.2282 and any break below will drag the pair down till 1.2163 which is major support. Overall bearish continuation below 1.2165 may drag the pair to 1.2044.
On the upside, near term resistance falls around 1.2356 and any violation above will take the pair to next level till 1.2475. A break of the resistance may open doors for 1.2594.
According to the overall sentiment in previous few weeks the best we can think is to buy on dips around 1.2480-1.2305 with SL around 1.2220 for the TP of 1.2350/1.2440.
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