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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 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.

  • Market Data
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