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- EUR/USD was trading weak and has lost more than 100 pips after ECB press conference. ECB President reiterated that next hike will happen in summer of 2019. So high dovish comment from Draghi has dragged EURUSD further down.Markets eye US GDP data which is to be released today for further direction.US Q2 is expected to grow at 4.1% on annualized basis.
- EUR/USD’s near term support is around 1.1600 and any convincing break below will drag the pair to next level till 1.1500.Any break below 1.1500 confirms minor weakness and decline till 1.1400/1.13600 is likely.
- On the higher side, near term resistance is around 1.1685 (20- day MA) and any break above will take the pair to next level till 1.1800/1.18515.
It is good to sell on rallies around 1.1675-80 with SL around 1.1745 for the TP of 1.1500.
