FxWirePro: EUR/USD trades lower, market awaits Fed minutes for further direction
Major support – 1.1160 (May 22nd 2017 low). EURO formed top around 1.12678 and started to show a decline after Donald Trump’s first budget plan has no surprise. The pair declined sharply till 1.11700 and showing minor bu…
EURO formed top around 1.12678 and started to show a decline after Donald Trump’s first budget plan has no surprise. The pair declined sharply till 1.11700 and showing minor buying interest from that level.
Market awaits ECB Financial stability review followed by Draghi speech for further direction. But upside will be limited as market firmed up their expectations of a June Fed hike.
On the lower side, any break below 1.11600 will drag the pair down till 1.110 (23.6% retracement of 1.105694 and 1.12678)/1.1050/1.1000.
It is good to sell on rallies around 1.1220 with SL around 1.1299 for the TP of 1.1070/1.1050.
