FxWirePro: EUR/USD trades lower, markets eye Sintra symposium, good to sell on rallies
EUR/USD has shown a huge decline of almost 300pips previous week on account of more dovish ECB meeting and also due to hawkish Fed announcement. ECB pledged to keep interest rates till summer of 2019. They will be reduci…
EUR/USD has shown a huge decline of almost 300pips previous week on account of more dovish ECB meeting and also due to hawkish Fed announcement. ECB pledged to keep interest rates till summer of 2019. They will be reducing bond buying to 15 billion euros from Oct to December. Trump’s approved section 301 tariffs on USD 50B of Chinese imports. There are no major economic data to be released today . Markets eye ECB President Mario Draghi speech in Sintra symposium organised by central bankers in Portugal. The policy divergence between US Fed and ECB is dragging the Euro further down. The pair hits intraday low of 1.15432 and is currently trading around 1.15890.
On the higher side, near term major intraday resistance is around 1.1625 and any convincing break above will take the pair to next level till 1.1660/1.1725 .Minor bullishness only above 1.1850.
The near term major support is at 1.1500 and any convincing break below will drag the pair to next level till 1.140/1.1370.
It is good to sell on rallies around 1.1655-60 with SL around 1.1705 for the TP of 1.1510.
