DowntownForex

EUR/USD Limit Buy at 1.4245

By Forex District – ‘At today’s meeting the Governing Council of the ECB decided that the interest rate on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility will remain unchanged at 1.00%, 1.75% and 0.25% respectively,’ the Bank of England.

‘The President of the ECB will comment on the considerations underlying these decisions at a press conference starting at 8:30 EDT‘

Looking at the 4hour chart, EUR/USD topped out at 1.4445 and has remained in a confined range between the high and 1.4365. The bias is neutral at this level but buying on dips near the 1.4250 – 1.4300 area are possible. U.S. data can surprise and affect short term trading for the day; traders will continue to monitor stocks for direction. The next level of support is  the 1.4360, followed by 1.4305 and 1.4207.

Resistance is now seen at 1.4431, where a break of such will open subsequent levels at 1.4482 and 1.4540.

Trading levels in play:

Limit Buy @ 1.4245 Targets: T1 1.4265 – T2 1.4530 Risk: 1.4190
* Good Till NY Close After 15 pips profit move stop to entry, take profit at will. Trade is canceled if it rebounds near entry and moves higher by 20 pips. Comments will follow if outlook changes.

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