FxWirePro: EUR/USD consolidates in narrow range, markets awaits Fed meeting for further direction
EUR/USD is in consolidation phase between 1.08610 and 1.09500 for the past five trading days. Euro is trading on the higher side for the entire Apr series and any break above 1.09780 confirms further bullishness. It is c…
EUR/USD is in consolidation phase between 1.08610 and 1.09500 for the past five trading days. Euro is trading on the higher side for the entire Apr series and any break above 1.09780 confirms further bullishness. It is currently trading around 1.09105.
On the lower side, minor weakness can be seen only below 1.08500 bottom formed after French election will drag the pair down till 1.08200/1.07850 (61.8% retracement of 1.06822 and 1.09508)/1.0745 (21 EMA).
The near term major resistance 1.09780 (50% retracement of 1.16163 and 1.03400) and any violation above will take the pair till 1.1000/1.1045.The minor resistance is around 1.09329 (61.8% retracement of 1.1299 and 1.03400).
Major economic data to be released today are ADP Non-Farm Employment 1.15 PM (GMT), ISM manufacturing PMI (3:00 PM GMT).
It is good to sell on rallies around 1.0930-35 with SL around 1.09780 for the TP of 1.08500/1.0820.
