EUR/USD is consolidating between narrow range between 1.1530 and 1.16589 for past one week. The pair gained slightly yesterday after China has Said it will seek permission from WTO to impose sanctions of $7 billion on US goods and positive news on Brexit. But markets eye European Central Bank monetary policy meeting tomorrow for further direction. ECB is expected to keep rates on hold and to lower the growth outlook on global demand. US CPI data which is to be released yesterday have more impact on US dollar.
On the lower side, near term support is around 1.1530 and any violation below will drag the pair down till 1.1500/1.1465. Any break below 1.1500 confirms further weakness.
The near term resistance is around 1.1600 and any break above targets 1.1660. Any break above 1.1660 confirms further bullishness.
It is good to sell on rallies around 1.1625-28 with SL around 1.1660 for the TP of 1.1500/1.1465.
