2016.05.1607:35:00UTC+00Eur/usd Trade Idea

• Major support – 1.1250 (trend line joining 1.11527 and 1.12150)
   
• The pair has taken support near 55 day EMA and jumped till 1.13252 at the time of writing. It is currently trading around 1.13225
   
• Short term trend is slightly bullish as long as support 1.12500 holds.
   
• Any break below 1.1250 will drag the pair till 1.1200/1.11500.
   
• On the higher side minor resistance is around 1.13370 and any break above targets 1.1365 (200 day 4H MA)/1.1400/1.1450 level.
   
• Overall bearish invalidation only above 1.16200.

 It is good to buy at dips around                 1.1310 with SL around 1.1250 for the TP of 1.1398/1.1450.

R1-1.13370

 R2-1.1365

R3-1.1400

Support

S1-1.1270

S2-1.1200

S3- 1.1150