USD has pared some of its gains made after better than expected Q2 GDP. US Q2 GDP came at 4.1% fastest pace since 2014.The pair hits low of 1.16200 after release of data and shown a minor jump from that level. Markets await German inflation data which is major Eurozone data to be released today. US fed meeting on Wed is the major event to be watched this week. US fed is expected to keep interest rates unchanged and their comments will be more hawkish on better than expected US economic data especially US GDP.
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
