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Yesterday's FOMC minutes showed that policymakers are most likely to wait for further data, confirming strength in US economy before pushing for first rate hike.
- According to many participants, June might not be enough to have enough samples of data to reinsure that first quarter weakness in the economy stands as temporary phenomenon. However some participants still feel, June would be sufficient to push for first hike.
Market participants have inferred the minutes as dovish and central tone to be that June rate hike is very unlikely but viable.
Dollar and its major counterparts couldn't find enough cues to decide on further direction for pairs and market is now awaiting tomorrow's speech from Janet Yellen.
Movements post FOMC minutes reveal key support and resistance area for Euro.
- Bulls were thrice halted around 1.1140 while bears faced challenge near 1.117.
Short term to long term players might use this range in their favor to add or remove position.
Euro is currently trading at 1.113. Key support lies around 1.115-1.117 area, whereas resistance lies around 1.114-1.116 area.
