EURUSD jumped sharply with nearly 100 pips from yesterday's low of 1.11872 after the Fed policy meeting. US Fed has kept its interest rate unchanged at 2.25-2.50% as expected. The central bank has removed "patience" from its policy statement and mentioned that it would "act as appropriate to sustain the expansion". The Fed Dot plot shows that out of the 17 FOMC members 8 expects a rate cut this year. The pair hits an intraday high of 1.13013 and is currently trading around 1.12938.
Technically, the pair has broken major resistance 1.1265 (100- day MA) and jumped till 1.1300 level. Next up move can be seen if the pair breaks 1.13479-.357 (Jun 7th, 2019 and 200- day MA). Any close above 1.1357 targets 1.14450 is possible.
On the flip side, near term support is around 1.1260 and any convincing break below will drag the pair to the next level till 1.12000/1.11750.
It is good to buy on dips around 1.1260-625 with SL around 1.1215 for the TP of 1.13450/1.13580.
