FxWirePro: EUR/USD trades lower ahead of ECB meeting, good to buy on dips
Euro has been declining for past two days ahead of ECB monetary policy meeting .The pair hits new 52 week high at 1.15830 on Jul 18th 2017. The central bank is expected to keep policy rates unchanged. There are speculati…
Euro has been declining for past two days ahead of ECB monetary policy meeting .The pair hits new 52 week high at 1.15830 on Jul 18th 2017. The central bank is expected to keep policy rates unchanged. There are speculation that ECB could announce tapering in the month of Sep or Oct.
The pair has declined till 1.14967 and jumped slightly till 1.15073 at the time of writing. It is currently trading around 1.15016.
The near term resistance is around 1.1614 (May 3rd 2016 high) and any break above targets 1.1716 (Aug 28th 2017 high).
On the downside near term support is around 1.1480 (5- day MA) and any break below will drag the pair down till 1.1435 (Jul 17th 2017 low)/1.13700. Any break below 1.13700 will drag the pair down till 1.1320/1.1290. Short term weakness can be seen only below 1.12900.
It is good to buy on dips around 1.14800 with SL around 1.1435 for the TP of 1.1640/1.17135.
