EURUSD pared some of its losses after ECB monetary policy. It hit a high of 1.10262 at the time of writing and is currently trading around 1.10240.
ECB cuts rates by 25 bpbs as widely expected.
Deposit Facility rate was reduced by 25 bpbs to 3.50%, Main refinancing rate decreased by 60 bps to 3.65% from 4.25%. The central bank projects inflation higher to 2.9% in 2024 and growth revised down to 0.8% in 2024.
Markets eye ECB President comments for further direction.
The pair trades below short-term (34 AND 55 EMA) in a 4-hour chart. Major resistance to watch- 1.10544/1.10667/1.10745. Bullish continuation only above 1.12050.
Major support- 1.10150,1.09960/1.09885
It is good to buy on dips around 1.09850- 860 with SL around 1.0940 for a TP of 1.11500.
