- EUR/USD was trading weak and has lost more than 100 pips after ECB press conference. ECB President reiterated that next hike will happen in summer of 2019. So high dovish comment from Draghi has dragged EURUSD further down.US second quarter GDP jumped 4.1% best in 4 years.
- EUR/USD’s near term support is around 1.1600 and any convincing break below will drag the pair to next level till 1.1500.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely.
- On the higher side, near term resistance is around 1.1685 (20- day MA) and any break above will take the pair to next level till 1.1800/1.18515.
It is good to sell on rallies around 1.1675-80 with SL around 1.1745 for the TP of 1.1500.
Resistance
R1- 1.1680
R2 –1.1745
R3- 1.1800
Support
S1- 1.1600
S2- 1.1500
S3-1.1400
