FxWirePro: EUR/USD recovers sharply on positive comments from ECB president, good to buy on dips

• EUR/USD hits fresh weekly after breaking major resistance 1.220 and hits 1.12809 at the time of writing on account of optimistic speech by ECB President Draghi in Portugal. It is currently trading around 1.12794.
   
• ECB president Draghi addressed that economic indicators are improving and showing a broadening recovery. He also mentioned some positive comment on inflation. But Draghi has never gave clear indication of exact time of scaling back the bond purchase program.
   
• On the higher side, any break above 1.1300 will drag the pair up till 1.13660/1.14350. Any further bullish continuation can be seen only above 1.1300.
   
• The near term support stands at 1.11690 (21 EMA) in the daily chart and any break below will drag the pair till 1.1100/1.1050/1.1000.

It is good to buy on dips around 1.1220 with SL around 1.1165 for the TP of 1.12990/1.1360