FxWirePro: EUR/USD recovers after Fed minutes meeting, good to buy on dips
Major support – 1.1160 (May 22nd 2017 low). EURO recovered sharply post FOMC minutes and hits 1.1250 level. The Fed minutes showed that members are supporting for gradual increase in rates and to cut back on the Fed’s $4…
EURO recovered sharply post FOMC minutes and hits 1.1250 level. The Fed minutes showed that members are supporting for gradual increase in rates and to cut back on the Fed’s $4.5 trillion. The pair downside capped by 4H Kijun-Sen at 1.1180 and any minor weakness can be seen only below that level.
The pair near term resistance is around 1.12678 high made on May 23rd 2017 and any violation above will take the pair to next level till 1.1300 Nov 2016 high/1.13660.
On the lower side, any break below 1.1180 will drag the pair down till 1.110 (23.6% retracement of 1.105694 and 1.12678)/1.1050/1.1000.
It is good to buy on dips around 1.1220 with SL around 1.1160 for the TP of 1.1299/1.1360.
