FxWirePro: EUR/USD trades in narrow range, market eyes ECB meeting
EUR/USD is trading in narrow range between 1.18803 and 1.17250 for the past 8 trading days. Major event for EUR and ECB meeting which will be held on Thursday for further direction. The pair declined till 1.17250 and is …
EUR/USD is trading in narrow range between 1.18803 and 1.17250 for the past 8 trading days. Major event for EUR and ECB meeting which will be held on Thursday for further direction. The pair declined till 1.17250 and is trading around 1.17450.
ECB meeting is expected to provide clarity about future of Asset Purchasing Program (APP). The rumors are going around that APP will be extended 9 month at 30bn euros until Sep 2018.
On the lower side, the near term support is around 1.1720 and any convincing break below will drag the pair down till 1.1660. Bearish invalidation only below 1.1660.
On the higher side, near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880/1.1900/1.1928 (61.8% retracement of 1.20925 and 1.16621)/1.2000.
It is good to sell on rallies around 1.1805-1.1810 with SL around 1.1880 for the TP of 1.1720/1.1660.
