FxWirePro: EUR/USD Trade Idea

EURUSD Trade Idea

1. EUR/USD has jumped sharply yesterday from the low of 1.16810 after Fed minutes meeting. Fed spilt over path of rate hikes on low inflation concerns. The pair jumped till 1.17898 at the time of writing  and declined slightly from that level it is currently trading around 1.1.7045.
    
2. Market awaits ECB minutes for further direction.The focus will remain on extension of QE programme.
    
3. On the lower side, near term support is around 1.16575 (23.6% retracement of 1.08390 and 1.19103) and any break below will drag the pair till 1.15985/1.1500. The minor trend reversal can be seen only below 1.16000.
    
4. The near term resistance is around 1.1850 and any break above will take the pair till 1.19103 (Aug 8th 2017)/1.19391 (1.13% retracement of 1.19103 and 1.16880)/1.1200.
   
   It is good to buy on dips around 1.1705-1.17010 with SL around 1.1650 for the TP of 1.1850/1.1910.

Resistance
               

R1- 1.1830

 

R2 -1.1855
 

R3- 1.1910
 

Support               
 

S1-1.16575
 

S2-1.16000
 

S3-1.15000