- EUR/USD has declined sharply after hitting high of 1.18580 on account of geo political tensions in Spanish region and the Italian region of Lombardy. Major event for EUR and ECB meeting which will be held on Thursday for further direction. The pair declined till 1.17402 and is trading around 1.17450.
- ECB meeting is expected to provide details on amount of asset purchase tapering.
- On the lower side, the near term support is around 1.1720 and any convincing break below will drag the pair down till 1.1660. Bearish invalidation only below 1.1660.
- On the higher side, near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880/1.1900/1.1928 (61.8% retracement of 1.20925 and 1.16621)/1.2000.
It is good to sell on rallies around 1.1805-1.1810 with SL around 1.1880 for the TP of 1.1720/1.1660.