Sign of Weakness!
Firstly it is inculcated that the pair has almost given up all of its weekly gains on Friday.
Possibly due to the weakness in Chineses growth story, however, it has closed and holds important support levels.
Euro has also adverse inference on part of dollar gain amid the Us-china trade deal.
However, the number of analysts presumes this would be considered a temporary impact as there are a lot of loopholes around.
Look at ECB Meeting(Thursday)!
The European Central Bank is gone have it policy meeting to be scheduled on Thursday and we expect this would jolt the euro further but we take it as buying opportunity.
Buying from the Dip!
Though lot of fundamentals stick with this pair, however, keeping in view its last year’s September to December move we would take it as the correction or buying from the dip for long term surging.
Preference for the Week!
Under the above-said submissions, we are looking for buying this pair from a comprehensive zone which surrounds near 1.1.307/1.10261 zone that is for us a reasonable healthy retracement of last year Sep-Dec surge
The target for the week!
The target zone could be around, 1.12445/1.13148 for the week under consideration.
Possibly the stop loss at 1.09764 which is a recent higher low for us may be appropriate.
On the contrary break of 1.09764 would open the way towards 1.08952/1.08452 zone.