Trend line resistance- 1.11275 (trend line joining 1.12016 and 1.11554)
EURUSD pared most of its gains despite the Fed 50 bpbs rate cut. It hit a low of 1.10683 at the time of writing and is currently trading around 1.11554.
It cut rates by 50 bpbs compared to a forecast of 25 bpbs, the first cut since 2020.
The central bank stated that Job gains have slowed and inflation is moving towards 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- 1.1140,1.1090,1.1060/1.100/1.09880.
Indicators ( 4- hour chart)
Directional movement index -Bullish
CCI (50)- Bullish
CCI(14)- Bullish
It is good to buy on dips around 1.1145-48 with SL around 1.10960 for a TP of 1.1275.
