FxWirePro: EUR/USD trade flat ahead of US FOMC meeting, good to sell below 1.1700.
Major resistance – 1.1819 (233- H EMA). EURUSD slightly recovered after hitting 2 week low at 1.17176 yesterday. The pair is trading flat ahead of US fed meeting. US PPI data came slightly better than expected at 0.4% in…
EURUSD slightly recovered after hitting 2 week low at 1.17176 yesterday. The pair is trading flat ahead of US fed meeting. US PPI data came slightly better than expected at 0.4% in November compared to forecast of 0.3%. It is currently trading around 1.17475.
The US fed is expected to hike interest rate by 25bpbs and market have already factored the rate increase. Any hawkish comment by fed on rate hike will drag the euro further down. The reason for minor recovery in Euro yesterday after Democratic candidate Doug Jones defeated Trump backed Roy Moore which will make tough to pass tax bill.
Technically, the pair is facing strong resistance at 1.17970 (55- 4H EMA) and any minor bullishness can be seen only above that level. Any break above 1.17970 will take the pair to next level till 1.18765 (61.8% retracement)/1.1900/1.19612 (Nov 27th 2017 high).
On the lower side, major support is around 1.1700 and any break below will drag the pair to next level till 1.1660/1.1600.
It is good to sell below 1.1700 with SL around 1.1755 for the TP of 1.1600.
