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FxWirePro: EUR/USD trades above 1.1800 as ECB to announce end of stimulus, good to buy on dips

  • EUR/USD trades higher and has broken major resistance at 1.1800 as ECB is expected to announce end of QE. The pair hits 2- week high flowing the message that ECB will discuss about QE exit in the upcoming meeting to be held on Jun 12th 2018. ECB is currently buying 30 billion Euro per month through Sep. It is expected to get reduced and end at end of the year. It is currently trading around 1.18150.
     
  • On the higher side, near term major intraday resistance is around 1.1850 and any convincing break above will take the pair to next level till 1.1900/1.2000 .Short term bearish invalidation only above 1.2020 (200- day MA).
     
  • The near term major support is at 1.1660 and any convincing break below will drag the pair to next level till 1.1600/1.1500. The minor support is around 1.1790/1.1750.

It is good to buy on dips around 1.1780 with SL around 1.1720 for the TP of 1.1900/1.1950.

 

 

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