FxWirePro: EUR/USD breaks neck line of Head and Shoulder pattern, dip till 1.1400 likely
EUR/USD has shown a major slump yesterday after ECB policy meeting. The pair dipped till 1.1615 lowest since Jul 2017 at the time of writing. It is currently trading around 1.16350. ECB tapers Asset purchase program (AAP…
EUR/USD has shown a major slump yesterday after ECB policy meeting. The pair dipped till 1.1615 lowest since Jul 2017 at the time of writing. It is currently trading around 1.16350.
ECB tapers Asset purchase program (AAP) to 30 billion euros slightly dovish than expected. The central bank puts a gentle dovish twist on assets purchase. It has reduced to half asset purchase and extended its duration.
On the lower side, the near term support is around 1.16000 and any convincing break below will drag the pair down till 1.1500/1.1400.
On the higher side, near term resistance is around 1.1660 (Support turned into resistance) and any break above will take the pair to next level till 1.1720/1.17870. Minor bullishness only above 1.18800.
It is good to sell on rallies around 1.1685-1.1690 with SL around 1.1755 for the TP of 1.1500/1.1400.
