FxWirePro: EUR/USD recovers slightly ahead of fed meeting, good to sell on rallies

• EUR/USD recovers slightly from the low of 1.22399 made yesterday ahead of US fed meeting. Euro was trading flat after minor jump. It is currently trading around 1.22735.
                
• Market eyes US FOMC meeting for further direction. Market expects 25bpbs interest rate hike and investors eyes US Fed dot plot for further direction.
   
• The pair is facing near term resistance of 1.2320 (20- day MA) and break above will take the pair till 1.2360/1.2400/1.2435/1.2500. Bullish continuation can be seen above 1.2550.
   
• On the lower side, near term support is around 1.2200 and any violation below will drag the pair to next level till 1.2165/1.2090.

It is good to sell on rallies around 1.2315-20 with SL around 1.2360 for the TP of 1.2200/1.2165.