2017.05.1508:00:00UTC+00Fxwirepro: Eur/usd Trade Idea

• Euro recovered sharply after hitting 1.08392 on Friday after weaker than expected U.S retail sales and CPI data. It is currently trading around 1.09420.
   
• U.S retail sales rose 0.4% last month compared to forecast of 0.6%. U.S headline consumer prices rose 2.2% from a year earlier in April, compared to the previous 2.4% gain, and missed estimates of 2.3%.US Dollar index retreated after weak set of economic data              
• The pair minor resistance is around 1.09500 and any break above will take the pair till 1.09800/1.1000. The high made on May 7th 2017 will be acting as major resistance and any break above will take the pair till 1.1060/1.11200 (61.8% retracement of 1.16163 and 1.03400).
   
• On the lower side, major support stands at 1.08370 (200 day MA) and any break below confirm major weakness a decline till 1.05694 likely.
   
• Overall bullish continuation can happen above 1.1020 level.
  
  It is good to buy on dips around 1.0910-15 with SL around 1.0850 for the TP of 1.100/1.1020/1.1060.

 Resistance
                   

R1-1.0950
                                                            

R2 -1.100
 

R3- 1.1020
 

Support   
 

S1-1.0850
 

S2-1.0780

S3- 1.0740