Euro grounded at 1.1245 looking for 1.1330
Technical Overview: Euro currently trading at 1.1280 made a low at 1.1271 and high at 1.1280 in Asian session as of writing. Technically trading above 1.1345 key resistance now turned to support, sustain above 1.1285 or 200MA can see till next resistance level at 1.1330 and 1.1380 further. As shown in the figure, 4hr hart showing a range bound trade between 1.1245-1285 which giving us some price action for the day, as per this one can enter above 1285 only for a fresh buy else can wait for a drop till 1245-50 levels . A break there can extend the fall till 1.1200 again. Overall buy on dips is advised for the day.
Fundamental: EURUSD appreciated by 0.11 percent yesterday. In yesterday’s ECB policy meeting the bank left interest rates unchanged at 0 percent and did not change the forecasts for coming years. However, Draghi reiterated that the risk remains tilted to the downside and that rates will remain low throughout this year, or as long as needed.
Suggestion: BUY EURUSD ABOVE 1.1285 FOR 1.1330/1365 ELSE SELL BELOW 1.1230 FOR 1.1200/1195
Important levels to watch:
S1: 1.1265 S2: 1.1245 S3: 1.1220
R1: 1.1285 R2: 1.1300 R3: 1.1330