EURUSD trades lower and lost more than 145 pips yesterday after dovish ECB monetary policy.The ECB has kept its rates unchanged as expected and announced some dovish policy measures. It has trimmed growth forecast from 1.7% for 2019 to 1.1%. The central bank said it would introduce a new set of stimulus measure TLTROs new round of cheap loans. It hits fresh 20-month low of 1.11763 and is currently trading around 1.11986.
The pair has shown minor recovery till 1.12009 and any minor jump can happen above 1.12350. Any break above will take the pair to next level 1.12589 (23.6% fib)/1.1300/1.13245 (Mar 7th high). Any violation above 1.13245 targets 1.14200.
On the lower side, near term support is around 1.11700 and any decline below will drag the pair to next level till 1.1130/1.0870.
It is good to sell on rallies around 1.1245-50 with SL around 1.1305 for the TP of 1.0875
