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FxWirePro: EURUSD struggles to break above 21-day MA despite dovish Fed Williams comments, good to buy on dips
Major resistance 1.12880 (21- day MA)
EURUSD has halted its 2- day of winning streak and shown a minor correction of more than 40 pips. The pair jumped sharply almost 80 pips from low of 1.12050 after more dovish New York Fed Williams speech. It has increased hopes of a 50bpbs rate cut in the Jul Fed meeting. According to CME's FedWatch tool, the chance of 50bpbs rate cut has increased from 23% to 60% in one week. The pair hits an intraday high of 1.12820 and is currently trading around 1.12425.
On the higher side, near term resistance is around 1.12880 (21- day MA) and any break above will take the pair to next level till 1.13230/1.13485 level.
The near term major support is around 1.11800 and any further weakness only below that level. Any break below targets 1.11500/1.1100.
It is good to buy on dips around 1.1230 with SL around 1.11800 for the TP of 1.13230.
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