EUR/USD -0.32% has declined after hitting high of 1.18578 yesterday after Senate clears tax reform hurdle yesterday. The Senate approves budget for fiscal 2018 which paves way for tax reform without Democratic support. The pair declined till 1.18042 and is trading around 1.180140.
Market awaits US existing home sales and Janet Yellen speech today for further direction.
On the lower side, the near term support is around 1.1720 and any convincing break below will drag the pair down till 1.1660. Bearish invalidation only below 1.1660.
On the higher side, near term resistance is around 1.1880 and any break above will take the pair to next level till 1.1900/1.1928 ( 61.8% retracement of 1.20925 and 1.16621)/1.2000.
It is good to sell on rallies around 1.1820-25 with SL around 1.1880 for the TP of 1.1720/1.1660
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