EUR/USD -0.35% declined almost 0.4% today after US Senate passes tax bill. The pair made an intraday high of 1.18786. It is currently trading around 1.18540.
US Senate passed tax reform on Saturday morning by 51-49 vote that differs from that passed by house. The corporate tax has been reduced from 35% to 20% from 2019% and smaller individual’s tax cut will end at 2026.
Technically the pair is facing resistance at 1.19615 (Nov 27th high) and any break above will take the pair to next level till 1.2000/1.2090.
On the lower side, near term support is around 1.19000 and any break below will drag the pair to next level till 1.18700 (50- H MA)/1.1835 (233- H MA)/. It should break below 1.1800 for minor weakness.
It is good to buy on dips around 1.1865-70 with SL around 1.1940 for the TP of 1.1705.
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