Euro flirting 1.1300, will it break?
Technical Overview: Euro currently trading at 1.1280 made a low at 1.1256 and high at 1.1293 in Asian session as of writing. Technically trading above 1.1275 key resistance now turned to support, sustain above 1.1320 can see till next resistance level at 1380. As shown in the figure, 1hr chart giving us some price action for the day, as per this can test till 1.1280-70 to make a buy for upside 1.1310-20 immediate resistance. A break there can extend the rise till 1.1380 again. If not break can see a failure in pattern and can fall again till 1.1250/45. Overall buy on dips is advised for the day.
Fundamental: EURUSD depreciated by 0.20 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. German CPI policy meeting came in line with market expectations at 0.4 percent for Mar’19.
Suggestion: BUY EURUSD TIL 1.1265 FOR 1.1300/1320 ELSE SELL BELOW 1.1210 FOR 1.1180/1150
Important levels to watch:
S1: 1.1265 S2: 1.1220 S3: 1.1200
R1: 1.1300 R2: 1.1320 R3: 1.1340