FxWirePro: EUR/USD Trade Idea

• EUR/USD broken the major support 1.1200 after slightly dovish ECB. The pair has declined till 1.11699. It is currently trading around 1.11800.
• ECB kept its interest rates unchanged at 0% and deposit rates at -0.4%.It has downgraded the inflation forecasts for three years and upgraded GDP growth. The forward guidance was less dovish and it shows there may not be further rate cuts in the near future. Euro declined sharply after ECB meeting.
• The pair broken trend line support at 1.12295 and is trading slightly below that level. It confirms minor weakness and decline till 1.1100 (May 30th 2017 low) is possible. Any break below 1.1100 confirms bearish continuation.
• On the higher side, major resistance is around 1.1300 and further bullish continuation only above 1.13660/1.1430.

It is good to sell on rallies around 1.1200 with SL around 1.1250 for the TP of 1.1100/1.1050.

Resistance
                   

R1-1.1250
                               

R2 -1.1300
 

R3- 1.1366
 

Support   
 

S1-1.1160
 

S2-1.1100

S3-1.1050