EURUSD lost more than 30 pips after ECB policy meeting. The central bank has kept its interest rates unchanged as expected. It has launched the new series of quarterly targeted long term refinancing operations which is to be started from Sep 2019 and more dovish on forward rate guidance. The pair hits intraday low of 1.12295 and is currently trading around 1.12372.Markets eye Fed meeting minutes for further direction.
On the lower side, near term support is around 1.1200 and any violation below will drag the pair to next level till 1.11760. Any break below 1.11760 confirms bearish continuation.
The near term major resistance is around 1.12880 (38.2% fib) and any violation above will take the pair till 1.13192/1.13500 (100- day MA)/1.1400.
It is good to buy on dips around 1.1220-25 with SL around 1.11760 for the TP of 1.13190/1.13500.
