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EURUSD was trading lower yesterday and lost nearly 100 pips on account of dovish ECB policy. ECB has kept its policy unchanged with deposit rate at -0.4% ,marginal lending rate at 0.25% and main refinancing rate at 0%. ECB President Draghi was more dovish and highlighted increased downside risks on account of global uncertainties. The pair recovered sharply from low of 1.12895 and is currently trading around 1.14030.
On the lower side, near term support is around 1.12670 and any break below will drag the pair to next level till 1.12180/1.1200.
The near term resistance is around 1.1355 and any violation above targets 1.1400/1.14350.Any break above 1.1430 targets 1.1500.
It is good to sell on rallies around 1.1445-50 with SL around 1.1500 for the TP of 1.12180.
Resistance
R1- 1.1435
R2 - 1.1475
R3- 1.1500
Support
S1- 1.12670
S2- 1.12180
S3- 1.1200
