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FxWirePro: EURUSD hits 1-week low on dovish Draghi, good to sell on rallies
Major support - 1.1200
EURUSD has declined more than 40 pips after ECB President Draghi speech. The European Central Bank (ECB) Draghi said that there is possibility of stimulus through rate cuts or asset purchases if inflation doesn’t reach target. The pair hits intraday low of 1.11880 and is currently trading around 1.11959.
Markets eye US Fed monetary policy meeting on Wednesday for further direction. The pair further declined after release of slight weaker than expected German ZEW economic sentiment data. It came at -20.2 compared to forecast of -3.6.
The near term resistance is around 1.1250-1.1265 (100- day MA) and any violation above will take the pair to next level till 1.1300/1.13450.
On the flip side, near term support is around 1.11750 any convincing break below will drag the pair till 1.1140/1.1100.
It is good to sell on rallies around 1.1235-40 with SL around 1.12700 for the TP of 1.1145.