EUR/USD was up 0.25% at 1.2472, up from a session low of 1.2403 and off a high of 1.2486. The pair was likely to find support at 1.2372, Monday’s low, and resistance at 1.2600, last Wednesday’s high.The euro firmed against the dollar on Tuesday after a poor U.S. consumer confidence report offset upbeat economic growth data and sent investors selling the greenback for profits.The Conference Board market research group reported earlier that consumer confidence index fell to 88.7 this month from a 94.1 in October, whose figure was revised down from a previously reported 94.5. The dollar has rallied in recent weeks on expectations for U.S. monetary policy to grow less accommodative while European and Asian central banks move in the opposite direction.
INTRADAY OUTLOOK
Support: 1.2440
Resistance: 1.2505
RECOMMENDATION:
1. Buy EUR/USD Above 1.2507-TG:1.2527/1.2557 SL 1.2477
2. Sell EUR/USD Below 1.2438-TG:1.2418/1.2388 SL 1.2468
INTRADAY OUTLOOK
Immediate Support: 117.64
Immediate Resistance: 118.11
RECOMMENDATION:
1. Buy USD/JPY Above 118.13-TG:118.33/118.63 SL 117.83
2. Sell USD/JPY Below 117.62-TG:117.42/117.12 SL 117.92
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