The euro paused its 3-day losing streak gave a strong pullback towards the resistance zone. After the dismissal PMI data, the euro slipped towards 1.0666 made a double bottom at 1.0660 flew to the previous swing high 1.0850. The pair rejected at the resistance level, managed to close at 1.0824. The price has been consolidating 190 pips between 1.0660 and 1.0850. A side breakout is likely to provide room for trade. The double top and double bottom was place between the tight ranges. The soft US data helped the pair to move higher. Developments in Greece helped the euro to strengthen. Greek Prime Minister says "Group of negotiations with Brussels has made "significant progress" will soon reach an agreement for optimism". French and German PMI data was disappointed in April compared to data released in March.
At today's Asian session, the euro is trading at 1.0808 against USD compared to the previous day close 1.0824. Ahead of today's major event, the Eurogroup's meeting, the euro is trading lower against USD. Intraday support is found at 1.0800. The support level at 1.0750 is the key driver for today's session. We recommend intraday selling below 1.0790 with targets at 1.0750, 1.0720, 1.0700, and 1.0670. The 61.8 fib expansion level of 1.0865 acts as intraday strong resistance. We recommend buying above 1.0870 with targets at 1.0890, 1.0950, and 1.0990. Whereas, 1.0910 50Ddsma acts as a major hurdle for bulls to cross for the next higher targets.
Trade: Buying above 1.0870
Selling below 1.0790
