Euro below 1.12 against strong dollar ahead of FOMC

Euro sideways with negative bias

Technical Overview:  Euro currently trading at 1.1180 made a low at 1.1175 and high at 1.1192 in Asian session as of writing. Technically trading below 1.1205 or 200ma and key resistance, sustain below this can see till next support level at 1120 and 1.1085 further. As shown in the figure, 1hr chart showing a range pattern again which giving us some price action for the day, a break and hold there can extend the fall till 1.1080 and 1.1050 as per chart seen. Overall sell on rise is advised for the day.

Fundamental: EURUSD depreciated by 0.8 percent last week. German business climate came in at 99.2 against market expectations of 99.2 for Mar’19. The European Central Bank is prepared to resume its money-printing program if needed to boost inflation in the euro zone but so far it has not discussed such an option. ECB has already bought 2.6 trillion Euros worth of bonds up till now.

Suggestion:  SELL EURUSD TILL 1.1190 FOR 1.1120/1100 ELSE BUY ABOVE 1.1220 FOR 1.1280/1300

Important levels to watch:

Support Levels

S1: 1.1175 S2: 1.1155 S3: 1.1120

Resistance Levels

R1: 1.1205 R2: 1.1255 R3: 1.1275

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