FxWirePro: EUR/USD trades lower on dovish ECB minutes meeting, good to sell on rallies
EUR/USD has pared most of its gain yesterday after dovish ECB minutes meeting yesterday. The pair declined almost 80 pips and shown a minor recovery. ECB minutes shows that ECB members are worried about US trade war, str…
EUR/USD has pared most of its gain yesterday after dovish ECB minutes meeting yesterday. The pair declined almost 80 pips and shown a minor recovery. ECB minutes shows that ECB members are worried about US trade war, strong euro. ECB is planning to continue its bond buying program and has not mentioned any specific date for winding up QE. It is currently trading around 1.23152.
The pair is facing minor near term support is around 1.2300 and any break below will drag the pair down till 1.2260/1.2200. Overall bearish continuation below 1.2165.
On the higher side, near term resistance is around 1.2400 and any convincing break above will take the pair to next level till 1.24450 (Mar 7th 2018 high)/1.2470.Major bullishness only above 1.2550.
It is good to sell on rallies around 1.2322-25 with SL around 1.2355 for the TP of 1.2260/1.2215.
