EURUSD Intraday trading 1 February

EURUSD has shown a minor recovery of nearly 50 pips from a low of 1.20975 on better than German GDP data. It came at 0.1% QoQ in Q4 compared to a forecast of 0.0%. US PCE rose to 0.3% in Dec vs forecast of 0.1%. The US 10-year yield rose more than 5.5% after inflation data. The pair hits an intraday low of 1.20945 and is currently trading around 1.21456.

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On the higher side, near-term resistance at 1.2180. Any indicative violation above targets 1.2200/1.2260. The next support is around 1.21150. Breach below will drag the pair down till 1.2090/1.2050/1.2000.

It is good to buy on dips around 1.2098-10 with SL around 1.2050 for the TP of 1.2200.

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