- EURUSD hits fresh 14 month high yesterday after positive comments from Draghi in ECB monetary policy meeting yesterday. ECB has kept its interest rates unchanged at 0%, the marginal lending rate at 0.25% and deposit rate unchanged at -0.4%. Euro rallied after Draghi promised QE discussion in autumn.
- The pair broken the major resistance 1.16163 high made on May 3rd 2015 and jumped 1.1679 yesterday. It is currently trading around 1.16461.
- On the lower side, near term support stands around 1.15879 (23.6% retracement of 1.13123 and 1.1679) and any break below will drag the pair down till 1.1528 (5- day MA). Any minor weakness can be seen only below 1.1480 (yesterday low).
- The near term resistance is around 1.17140 and break above will take the pair till 1.17420 (38.2 % retracement of 1.7420 (38.2% fibo)/1.1800.
It is good to buy on dips around 1.1600 with SL around 1.1530 for the TP of 1.17140/1.17430