Japan's core machinery orders soared by 19.1% in March, it's a bullish scenario for an investment perspective. The growth in the manufacturing sector supports the spike. EUR/USD is trading at 139.06 levels.
The pair has been in a downtrend from 143.44 levels. It broke its lower support trend line and took parallel support at 138.78. On the down side, the pair has parallel support levels at 138.76-138.66 levels and 138.47 levels. We expect the pair will pause its downfall and start moving towards 139.85, 141.25, 141.65, and 142.50 levels on a positional basis. In the daily chart, the daily momentum indicators favor the bull side. "Buy the dip" is the best strategy for the next 2-week course.
For the hourly trading, the pair will face an initial resistance level at 139.31, above this, 139.41 levels. Once it crosses above it, it will spike up to 139.84, 140.25 and 140.91 levels. There is still some buying space available shown in the below chart. The hourly momentum oscillators favor buying at cmp or even at dip.
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