We are seeing some consolidation around 1.1300 level on EURUSD after a sharp up move in last 2 weeks. This seems to be an important resistance level as last time price dropped considerably from this level. This recent up move is driven by optimism shown by ECB & Germany and as such fundamentals news could dictate price action on this pair in coming days.

From technical perspective, some retracement is expected from this level, but I am expecting shallow retracement upto 1.1075 level where we could see buyers stepping in to take price higher towards 1.1500 level. Until we see sharp down move, the best option would be to buy EURUSD on dips.

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