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Short

EUR/USD pares gains after Fed meeting, good to sell on rallies

FX:EURUSD   Euro/U.S. Dollar
300 0 8
Major resistance- 1.13988 ( Apr             21th high)

EUR/USD             has retreated from high of 1.13602 after Fed removed the reference the global risks in Apr             statement .It is currently trading around 1.13163.

The Federal reserve has kept its interest rates unchanged and took a wait and watch mode toward future rate hikes.

Short Term trend is slightly bearish as long as resistance 1.1400 holds .

On the higher side major resistance is around 1.1400 and break above targets 1.14600/1.1500.

The major support is around 1.1270 and any violation below targets 1.12150 ( Apr             24th low)/1.1150/1.1050.

Short term reversal only above 1.1460 level.

It is good to sell on rallies around 1.1345-1.1350 with SL around 1.1400 for the TP of 1.1230/1.12150.
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