EURUSD is trading in tight range and formed doji candle yesterday. Markets eye ECB monetary policy which is to be released today for further direction ECB is expected to keep its rates unchanged and to downgrade its growth and inflation forecast. The pair is expected to decline further as ECB is to be more dovish than expected.The pair hits high of 1.13245 yesterday after slight weaker than expected US ADP employment. US economy has added 183000 jobs compared to forecast of 189000. It is currently trading around 1.13083.
The near term intraday resistance is around 1.13370 (38.2% fib) and any violation above will take the pair to next level till 1.1370 (300- 4H EMA)/1.1400/1.14200.
On the lower side, near term support is around 1.12800 and any violation below targets 1.12500/1.12350.
It is good to buy on dips around 1.12900 with SL around 1.12500 for the TP of 1.13709/1.14195.
