EURUSD is trading weak for past sixth consecutive day and lost nearly 200 pips after dovish ECB comment. ECB President Draghi warned that Eurozone economy is performing much worse unexpectedly on account of Brexit uncertainty and international trade concerns. The pair hits low of 1.13711 and is currently trading around 1.13908.Eurozone inflation data came slightly weaker than expected. It is currently trading around 1.13910.
On the lower side the pair is facing strong support at 1.1300 and any break below targets 1.12600/1.1200. The pair should break below 1.1200 for further weakness.
The near term major resistance is around 1.1435 and any break above targets 1.14700 (100- day MA)/1.1500/1.15900. Any close above 1.16350 200-day MA confirms further bullishness and a jump till 1.1700/1.1733/1.18150.
It is good to sell on rallies around 1.1470-75 with SL around 1.1550 for the TP of 1.1300/1.1260.
