Major Resistance- 1.1500
EUR/USD was trading higher and jumped more than 100 pips after dovish Fed meeting minutes. The Fed minutes meeting shows that Central bank remains cautious on further rate hike and some of Fed members like Atlanta Fed’s head Bostic said that rates could go in either direction was putting further pressure on US dollar.It hits high of 1.15697 and is currently trading around 1.15440.
The pair was facing strong resistance at 100- day MA at1.1479 and closed well above that level.This confirms minor trend reversal and a jump till 1.15900 (
61.8% fib)/1.16450/1.1700.
On the lower side, near term support is around 1.14750 (100- day MA) and any break below targets 1.1435/1.1415/1.1350. It should break below 1.1300 for further direction.
It is good to buy on dips around 1.1505-10 with SL around 1.14500 for the TP of 1.1645.
