EURUSD hits fresh 14 month high, good to buy on dips
EURUSD hits fresh 14 month high yesterday after positive comments from Draghi in ECB monetary policy meeting yesterday. The ECB has kept its interest rates unchanged at 0%, the marginal lending rate at 0.25% and deposit rate unchanged at -0.4%. Euro rallied after Draghi promised QE discussion in autumn.
The pair broken the major resistance 1.16163 high made on May 3rd 2015 and jumped 1.1679 yesterday. It is currently trading around 1.16461.
On the lower side, near term support stands around 1.15879 (23.6% retracement of 1.13123 and 1.1679) and any break below will drag the pair down till 1.1528 (5- day MA). Any minor weakness can be seen only below 1.1480 (yesterday low).
The near term resistance is around 1.17140 and break above will take the pair till 1.17420 (38.2 % retracement of 1.7420 (38.2% fibo)/1.1800.
It is good to buy on dips around 1.1600 with SL around 1.1530 for the TP of 1.17140/1.17430
The pair broken the major resistance 1.16163 high made on May 3rd 2015 and jumped 1.1679 yesterday. It is currently trading around 1.16461.
On the lower side, near term support stands around 1.15879 (23.6% retracement of 1.13123 and 1.1679) and any break below will drag the pair down till 1.1528 (5- day MA). Any minor weakness can be seen only below 1.1480 (yesterday low).
The near term resistance is around 1.17140 and break above will take the pair till 1.17420 (38.2 % retracement of 1.7420 (38.2% fibo)/1.1800.
It is good to buy on dips around 1.1600 with SL around 1.1530 for the TP of 1.17140/1.17430