EUR/USD is consolidating between narrow range between 1.1530 and 1.16589 for past one week. The pair gained slightly yesterday till 1.16429 and shown a minor decline. But markets eye European Central Bank monetary policy meeting to be held for further direction. ECB is expected to keep rates on hold and to lower the growth outlook on EM uncertainty. The other major data to be released is US CPI data.
On the lower side, near term support is around 1.1530 and any violation below will drag the pair down till 1.1500/1.1465. Any break below 1.1500 confirms further weakness.
The near term resistance is around 1.1660 and any break above targets 1.1720/1.1755. Any break above 1.17500 confirms further bullishness.
It is good to sell on rallies around 1.1625-28 with SL around 1.1660 for the TP of 1.1500/1.1465.
