EURUSD recovered sharply from low of 1.1200 after ECB policy meeting. ECB has kept its rates unchanged as expected and extended its forward guidance to keep rates at same level till H1 2020. But new TLRO rate at MRO+10bpbs compared to consensus MRO-20bpbs which will benefit banks/financial institutions. The pair hits high of 1.12725 and is currently trading around 1.12625.
The near term resistance is around 1.1275--85 (100- day MA and trend line resistance) and any violation above confirms minor trend reversal and a jump till 1.13235/1.1380 level.
On the lower side, major support is around 1.12300 and any convincing break below targets 1.1200/1.11750.
It is good to buy on dips around 1.1230-35 with SL around 1.1200 for the TP of 1.13250.
