Trend line resistance- 1.11275 (trend line joining 1.12016 and 1.11554)
EURUSD trades above trend line resistance after Fed monetary policy. It hit a high of 1.1788 at the time of writing and is currently trading around 1.11778.
Fed cuts rates by 50 bpbs to 4.75-5% compared to market expectations of a 25 bpbs rate cut. It signals towards two to three 25 bps cuts in the next two meetings of 2024.
The central bank mentioned that Job gains have slowed and inflation is moving towards a fed target of 2% but remains slightly elevated.
The pair trades above short-term (34 AND 55 EMA) in 4-hour chart. Major resistance to watch- 1.1180/1.12050. Bullish continuation only above 1.1280.
Major support- 1.1140,1.1100,1.1060/1.100/1.09880.
Indicators ( 4- hour chart)
Directional movement index -Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around 1.1168- 700 with SL around 1.1140 for a TP of 1.1275.
