FxWirePro: EURUSD trading lower post ECB policy, any bullishness only above 1.1180

FxWirePro: EURUSD trading lower post ECB policy, any bullishness only above 1.1180

EURUSD has lost more than 40 pips after the release of the ECB policy meeting. The central bank has kept its rates unchanged and to begin its new 20bn/month asset purchase program next month. In the press conference, Draghi said that headline inflation will "decline slightly" before rising by the end of the year and growth to witness downward pressure on Brexit and US-China uncertainties. 

On the economic data front, US jobless claims came at 212000 compared to a forecast of 216000 and durable goods orders declined by 1.1% vs estimate -0.5%.

The US 10-year yield has recovered from an intraday low of 1.744% and spread between the German bund and US narrowed slightly to 222 bps from 214 bps.

 Technically, on the flip side near term resistance is around 1.1180 and any break above will take the pair to next level till 1.1245/1.12885.

The near-term support is around 1.1100 and any violation below targets 1.1060/1.1000.

It is good to buy on dips around 1.1120-225 with SL around 1.1070 for the TP of 1.1245.