FxWirePro: EUR/USD hits 1-week high post FOMC meeting, good to buy on dips

• Major resistance – 1.1819 (233- H EMA).
   
• EURUSD recovered sharply and hits one –week high post US FOMC meeting. The pair jumped till 1.18438 and declined slightly from that level. It is currently trading around 1.18239.
   
• The US fed raised interest rate by 25 bps to 1.50% in line with expectations. Fed raised the GDP growth forecast to 2.5% from 2.1% for the year of 2018 and to 2.1% form 2% for 2019. They have reduced the unemployment rate to 3.9% from 4.1% for 2018 and 2019. Inflation forecast were kept unchanged. The PCE is projected at 1.9% and 2.0% for the year 2018 and 2019 respectively. Fed has also kept its federal funds rate projections unchanged and this shows that fed officials saw no reason to hike rates drastically.
   
• Markets await ECB monetary policy meeting which it to be held today for further direction. ECB is unlikely to announce any new policy measures and is expected to keep interest rates on hold.
   
• Technically, the pair is facing strong resistance at 1.18548 (61.8% fibo) and any minor bullishness can be seen only above that level. Any break above 1.18548 will take the pair to next level till 1.1900/19612 (Nov 27th 2017 high).
   
• On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600. The minor support is around 1.1755.

It is good to buy on dips around 1.1800 with SL around 1.1750 for the TP of 1.1900/1.19250.