EUR/USD is consolidating in narrow range after hitting low of 1.15305 yesterday. The pair declined more than 100 pips after a minor jump till 1.16445 yesterday. The decline was mainly due to trade tariff by US on China a…
EUR/USD is consolidating in narrow range after hitting low of 1.15305 yesterday. The pair declined more than 100 pips after a minor jump till 1.16445 yesterday. The decline was mainly due to trade tariff by US on China and more dovish ECB. Markets eyes Fed Chairman Powell, ECB Chairman Draghi and colleagues from Australia and Japan will participate in Sintra, Portugal. The safe haven yen declined against USD after slightly easing geopolitical tensions. The policy divergence between US Fed and ECB is dragging the Euro further down. It is currently trading around 1.15856.
On the higher side, near term major intraday resistance is around 1.1660 and any convincing break above will take the pair to next level till 1.1725/1.1750 .Minor bullishness only above 1.1850.
The near term major support is at 1.1500 and any convincing break below will drag the pair to next level till 1.140/1.1370.
It is good to sell on rallies around 1.1585-90 with SL around 1.1650 for the TP of 1.1400.
