FxWirePro: EUR/USD consolidates in narrow range, market eyes ECB meeting
EUR/USD pared some of its losses in European session after hitting low of 1.21560 slightly near to Jan 2018 low. Market eyes ECB monetary policy meeting which is to be released today for further direction. US 10 year bon…
EUR/USD pared some of its losses in European session after hitting low of 1.21560 slightly near to Jan 2018 low. Market eyes ECB monetary policy meeting which is to be released today for further direction. US 10 year bond yield broken 3% level and hits high of 3.035%. it is currently trading around 3%.
ECB is expected to keep its monetary policy and language same in today’s ECB rate decision and in press conference. Any changes in policy stance will be revealed only during June meeting.
The pair is facing minor near term support is around 1.2150 and any break below will drag the pair down till 1.2100/1.2060. Short term bearish continuation below 1.2150.
On the higher side, near term resistance is around 1.2200 (55- H EMA) and any convincing break above will take the pair to next level till 1.2245/1.2290.Major bullishness only above 1.2550.
It is good to sell on rallies around 1.2220 with SL around 1.2260 for the TP of 1.2150/1.2100.
