FxWirePro: EUR/USD trades weak after hawkish Fed statement, good to sell on rallies

• EUR/USD declined sharply yesterday after hawkish Fed statement. The pair dipped till 1.18615 yesterday. It has formed a temporary top around 1.20925 high made on Sep 8th 2017. It is currently trading around 1.19099
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• Fed has kept its interest rate unchanged and finally made formal announcement that it will start to taper QE by Oct. Fed futures are pricing in 73.4% chance of a Dec hike compared to 48.6% a week ago.
  
   
• The pair shown a minor jump above 1.2000 and declined sharply from that level. The minor resistance is around 1.19500 and any minor break above will take the pair to next level till 1.2000/1.2050/1.20925 (Sep 8th 2017 high). Bullish continuation can be seen only above 1.20925.
   
• On the lower side, near term intraday support is around 1.1850 (34- day EMA) and any break below will drag the pair down till 1.18230 (Aug 31st 2017 low)/1.1800.

It is good to sell on rallies around 1.1955-1.1960 with SL around 1.1202 for the TP of 1.1860/1.18230.