EUR/USD

Review- ECB Press conference-

European Central Bank President Mario Draghi signalled a potential interest rate cut next month.The ECB kept, as had been anticipated, its key interest rate steady at a record low 0.25 percent, but suggested it might lower it in June if needed.The euro slid 0.4 per cent against the greenback, after rising as high as US$1.3993 earlier in the session, the highest level in 2-1/2 years.

Technical view-

The pair is trading at 1.3836 in Asia's trading session. In yesterday's trading session, the pair was beaten very hard but it succeeded holding the 50day SMA. For intraday basis, it's a clear buy at cmp or even a dip. In the H4 chart the pair is holding 200EMA. On the down side, if the pair breaks the 1.3834 it will drift all the way to 1.3812,1.38, and 1.3774. Traders can buy if a dip comes. It is just for intraday trading and btst. The pair will take a turn from 1.3826-1.38 levels.

On the upside, the pair has resistance at 1.3875 (50hourly SMA). If the pair crosses the 1.3875 level, it will zoom to 1.39 and 1.3910. On positional basis, we still recommend the sell on a rally strategy.

Recommendations-

Buy at 1.3875 and 1.39 for intraday target