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Intraday trend – Bearish
Major intraday resistance– 1.0300
The pair spiked sharply after the European Central bank policy. The central bank hiked its rates by 50 basis points to 0.0%, the first hike in 11 years. It also promised further rate hikes in its next policy meeting. It has pared its gains made after the policy and is currently trading below the 1.0200 level.
The number of people who have filed for unemployment benefits rose by 7000 last week to 251000 compared to a forecast of 240K. US Philly fed manufacturing contracted for a second consecutive month to -12.3 in Jul.
Technical-
Any breach below 1.010 confirms a bearish continuation; a dip to 1/0.9945 is possible.
The immediate resistance to be watched is 1.0300; any violation above will take the pair to 1.0400/1.0520/1.0565/1.0620.
Indicators (4-hour)
Directional movement index –Neutral
CCI (50) – Bullish
It is good to buy on dips around 1.000 with SL around 0.9945 for a TP of 1.0610.
