EUR/USD trades above 1.1800 level, markets eyes ECB Draghi : FxWirePro | November 17, 2017

EUR/USD 0.14% shown a minor recovery above 1.18000 on US dollar -0.16% sell off during Asian session. The pair jumped till 1.18218 and is currently trading around 1.18079. US House of Representatives approved tax reforms proposals of $1.5 trillion in tax cuts for business and individuals and moves to Senate for further approval. ECB President Draghi speech today is major event for Euro 0.14% and market awaits for further direction.

US jobless claims rose to 249k in the week ended Nov 11, compared to forecast of 234k. Philly fed manufacturing index dropped to 18.9 below expectations of 24.1. The house would vote on tax plan today.

Technically, the pair is facing major resistance at 1.1880 (Oct 12th 2017 high) and any break above will take the pair to next level till 1.1928/1.1200. It should break above 1.1209 high made on Sep 8th 2017. The near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1860/1.1880.

On the lower side, major support is around 1.17360 (100- day MA) and any break below will drag the pair to next level till 1.1700/1.1660/1.1600/1.1553 (Nov 7th 2017 low).

It is good to buy on dips around 1.1785-1.1790 with SL around 1.17360 for the TP of 1.1880/1.1928.