FxWirePro: EUR/USD trades lower on fed rate hike hopes, good to sell on rallies
Dollar surges broadly against all other pairs on increasing expectations of Fed rate hike in Jun. The pair declined till 1.08634 and jumped slightly from that level. Markets awaits ECB President Draghi speech at 1:00 GMT…
Dollar surges broadly against all other pairs on increasing expectations of Fed rate hike in Jun. The pair declined till 1.08634 and jumped slightly from that level.
Markets awaits ECB President Draghi speech at 1:00 GMT today for further direction.
Technically in the hourly the major intraday resistance is around 1.0900 (hourly Kijun-Sen) and any break above will take the pair till 1.0939 (100- H MA)/1.0970 (cloud top)/1.1000.
On the lower side, near term major support stands around 1.08500-1.0836 (200- day MA) any break below will drag the pair till 1.07400.
It is good to sell on rallies around 1.0900 with SL around 1.0950 for the TP of 1.0836/1.0745
