FxWirePro: EUR/USD trades lower on fed rate hike hopes, good to sell on rallies
Wednesday, May 10, 2017 7:30 AM UTC
- 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
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