FxWirePro: EUR/USD trades higher on ECB QE tapering news, good to buy on dips
EUR/USD jumped slightly after hitting low of 1.18250 on better than expected US jobless claims data released yesterday. The pair jumped till 1.18514 and is currently trading around 1.18212. US dollar rebound slightly aft…
EUR/USD jumped slightly after hitting low of 1.18250 on better than expected US jobless claims data released yesterday. The pair jumped till 1.18514 and is currently trading around 1.18212.
US dollar rebound slightly after US Continuing jobless claim hits 44 – year low yesterday as impact of hurricane faded. But downside is capped by ECB President Draghi reported that ECB is considering cuts in QE purchases from Jan next year. Market awaits US CPI data and retail sales data which is to be released today for further direction.
On the higher side, near term resistance is around 1.1900 and any break above will take the pair to next level till 1.19280 (61.8% retracement of 1.20925 and 1.16621)/1.2000.
The near term support is around 1.1825 (20- day MA) and any break below will drag the pair down till 1.1800/1.1768 (55- day EMA). Bearish invalidation only below 1.1660.
It is good to buy on dips around 1.1820 with SL around 1.1760 for the TP of 1.1900/1.19280
