EURUSD downside capped by 23.6% fibo, market eyes ECB minutes
EUR/USD has jumped sharply yesterday from the low of 1.16810 after Fed minutes meeting. Fed spilt over path of rate hikes on low inflation concerns. The pair jumped till 1.17898 at the time of writing and is currently trading around 1.17780.
Market awaits ECB minutes for further direction.The focus will remain on extension of QE programme.
On the lower side, near term support is around 1.16575 (23.6% retracement of 1.08390 and 1.19103) and any break below will drag the pair till 1.15985/1.1500. The minor trend reversal can be seen only below 1.16000.
The near term resistance is around 1.1850 and any break above will take the pair till 1.19103 (Aug 8th 2017)/1.19391 (1.13% retracement of 1.19103 and 1.16880)/1.1200.
It is good to buy on dips around 1.1705-1.17010 with SL around 1.1650 for the TP of 1.1850/1.1910.
Market awaits ECB minutes for further direction.The focus will remain on extension of QE programme.
On the lower side, near term support is around 1.16575 (23.6% retracement of 1.08390 and 1.19103) and any break below will drag the pair till 1.15985/1.1500. The minor trend reversal can be seen only below 1.16000.
The near term resistance is around 1.1850 and any break above will take the pair till 1.19103 (Aug 8th 2017)/1.19391 (1.13% retracement of 1.19103 and 1.16880)/1.1200.
It is good to buy on dips around 1.1705-1.17010 with SL around 1.1650 for the TP of 1.1850/1.1910.