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- EUR/USD breaks 1.1400 for the first time in the year and hits 1.14349 at the time of writing. It is currently trading around 1.1406.
- The pair is trading higher for the past three trading days on account of hawkish comment by ECB President Draghi that threat of deflation gone and reflationary forces are at play . Markets are also doubtful that Fed rate hike on Sep due to weak economic data and also delay by Senate on health care vote.
- The break above 1.140 confirms major reversal, a jump till 1.1500/1.1546 level.
- On the lower side, near term support is around 1.1290 (low made yesterday after hitting high of 1.13880) and any break below will drag the pair down till 1.1250 (daily Kijun-Sen)/1.1200 (10- day MA).The minor support is around 1.13500.
- Short term bearish invalidation only below 1.1100.
It is good to buy on dips around 1.1380 with SL around 1.1300 for the TP of 1.150/1.1545.
