EUR/USD shown a minor recovery from the low of 1.11664. The pair awaits US Fed monetary policy meeting which concludes on Wednesday for further direction. It is currently trading around 1.11944.
Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% after the conclusion of two day meeting on Wednesday. Investors will pay close attention to the press conference for the clues of reduction in $4.5 trillion balance sheet.
Euro upside capped by 200- HMA at 1.1235 and any minor bullishness can be seen above that level. Any break above that level will take the pair till 1.12850/1.1300. The pair should break above 1.1300 for further bullish continuation.
On the lower side, near term support is around 1.11500-1.1160 (trend line support and 21- EMA) and any break below will drag the pair down till 1.1100 (May 30th 2017 low)/1.10750 (May 18th 2017 low).
It is good to sell on rallies around 1.1200-1.1205 with SL around 1.1250 for the TP of 1.1100/1.0750.
Fed is expected to raise its federal funds target to between 1% and 1.25% from 0.75% and 1% after the conclusion of two day meeting on Wednesday. Investors will pay close attention to the press conference for the clues of reduction in $4.5 trillion balance sheet.
Euro upside capped by 200- HMA at 1.1235 and any minor bullishness can be seen above that level. Any break above that level will take the pair till 1.12850/1.1300. The pair should break above 1.1300 for further bullish continuation.
On the lower side, near term support is around 1.11500-1.1160 (trend line support and 21- EMA) and any break below will drag the pair down till 1.1100 (May 30th 2017 low)/1.10750 (May 18th 2017 low).
It is good to sell on rallies around 1.1200-1.1205 with SL around 1.1250 for the TP of 1.1100/1.0750.