Quick look: EUR/USD drops, but still strong on charts

Euro has dropped today in a sort of realization that ECB delivered more than what was expected.

However, I believe the spot is down just on profit taking ahead of the weekend. As long as the spot stays abv. 200-DMA on closing basis, a fresh demand could be noted on dips.

As of now the currency pair is trading around 1.1115 (50% of Aug high-Dec low). Here is the daily chart

EURUSD D1 (03-11-2016 1742).png

Watch out for a recovery back above rising trend line (red). That would be a buy signal.

Key Resistance levels

  • 1.1175
  • 1.1218
  • 1.1256
  • 1.1296

Key Support levels

  • 1.1048-1.1045-1.1035
  • 1.0974
  • 1.0947
  • 1.0845

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