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Short

EUR/USD Short term Outlook

FX:EURUSD   Euro / U.S. Dollar
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EUR/USD has slightly recovered after making low of 1.14585 and short term trend is bearish as long as resistance 1.1669 holds.

ECB's Draghi announces asset purchases of 60 billion Euros a month till Sep 16th 2016 on the ECB meeting held today and it will have negative impact on EUR/USD and so the pair is expected to decline further.

On the upside break above 1.11669 will take the pair to 1.1785/1.1850 in short-term.
The pair’s minor support is around 1.14585 and breaking below will target 1.1376/1.1325

Indicator (1 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell EUR/USD around 1.15600, SL 1.1669, Target 1.1325.
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