- Euro enjoying safe-haven status along with the yen, extends towards 1.1300 handle
- Generalized risk-off in market sentiment post shocking China PMI data pushing EUR/USD higher
- The pair is currently trading at 1.1288, with next immediate hurdle at 1.1292 (Daily Low Jun 19), beyond which gains could extend to 1.1346 (Jun 23 highs)
- Support on the downside located at 1.1279 (Daily High Jun 29) and further below at 1.1245 High Jun 30 & Aug 20
- Risk-off conditions to remain escalated due to Greek PM resignation, continuing North-South tensions , and more importantly, potentially delay in Fed hike to Dec or even next year
- Momentum studies, 5, 10 & 20 dma’s trend north – 20 day Bolli’s expanding
Recommendation: Good to go long around 1.1270/80, SL: 1.1230, TP: 1.1340Resistance Levels:R1: 1.1292 (Daily Low Jun 19)R2: 1.1342 (200-Day MA)R3: 1.1409 (Jun 22 highs)Support Levels:S1: 1.1279 (Daily High Jun 29) S2: 1.1245 (High Jun 30 & Aug 20)S3: 1.1189 (Daily High Aug 13 & 14)
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