Intraday trend – Bearish
Major intraday support– 1.0470
The pair gained after a sell-off below 1.04000. Euro lost its shine after the US fed hiked rates by 75bpbs, the biggest since 1994. The decline in US treasury yield for the second consecutive day pushed the pair slightly higher from a low of 1.03588 levels. The European Central Bank governing council had an emergency meeting to create a new bond-buying program to prevent fragmentation risk also weighing on Euro. The pair made a low of 1.049430 at the time of writing and is currently trading around 1.05133.
Technical-
Any breach below 1.04700 confirms a bearish continuation; a dip to 1.03400 is possible.
The immediate resistance to be watched is 1.0600; any violation above will take the pair to 1.0650/1.0700
Indicators (4-hour)
Directional movement index –Neutral
CCI (50) – Bearish
It is good to sell on rallies around 1.0548-50 with SL around 1.0610 for a TP of 1.0300.
