FxWirePro: EUR/USD trades slightly higher after Donald Trump likely to pick Powell as new Fed Chairman, good to sell on rallies
EUR/USD has shown minor recovery till 1.16715 despite hawkish Fed. Fed has kept its interest rates unchanged and upgraded US growth assessment for the first time since two years. The slight jump in Euro was after reports…
EUR/USD has shown minor recovery till 1.16715 despite hawkish Fed. Fed has kept its interest rates unchanged and upgraded US growth assessment for the first time since two years. The slight jump in Euro was after reports Powell will be next Fed head. Powell was expected to be slightly dovish like Yellen. It is currently trading around 1.16466.
The set of manufacturing PMI reports from Italy, Spain, and Germany shows slight improvement and all data came at slightly above consensus.
On the lower side, the near term support is around 1.15450 (161.8% retracement of 1.16691 and 1.1880) and any convincing break below will drag the pair down till 1.1500/1.1400.
On the higher side, near term resistance is around 1.1685 and any break above will take the pair to next level till 1.1720 /1.1755 (20- day MA). Minor bullishness only above 1.18800.
It is good to sell on rallies around 1.1685-1.1690 with SL around 1.1755 for the TP of 1.1500/1.1400.
