Fxwirepro: Eurusd Recovers After Making Low of 1.08500, ECB in Focus

  • EURUSD shown huge decline from the 5-1/2 month peak till 1.08550 lowest for the week. It is currently trading around 1.09089 0.05% higher.
     
  • The pair jumped from the low of 1.08500 and broken 1.0900 level after US government announces tax reforms. The market was disappointed by Trump’s vague tax plans and EURUSD correction was almost over.
     
  • Markets awaits ECB meeting for further direction. ECB expected to keep policy unchanged and possibilities of some hints on tapering on account of surrounding French elections.
     
  • On the higher side, major resistance is around 1.0950 and any break above will take the pair towards the critical 1.1000/1.1045 level.
  • The near term support is around 1.08400- 1.08500 (200- day MA, low formed yesterday)  and any violation below targets 1.08200 (Apr 24th 2017 low)/1.07850.

    It is good to buy on dips around 1.0900 with SL around 1.08500 for the TP of 1.09780/1.100.

The material has been provided by InstaForex Company – www.instaforex.com

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