USD has pared some of its loss made yesterday . Euro has shown a good jump till 1.1746 on account of better than expected Eurozone inflation.The news that US President Donald Trump is planning to impose 25% import tariff on $200 billion Chinese goods.Markets eye US fed meeting, US ADP employment and ISM manufacturing data which is to be released today for further direction. Fed is expected to keep interest rates unchanged and any more hawkish comments will drag the pair down.
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 1.1750 (trend line and 55- day EMA) and any break above will take the pair to next level till 1.1800/1.18515.
It is good to sell on rallies around 1.1735-40 with SL around 1.1790 for the TP of 1.1500.
