The Euro eases in early Wednesday’s trading after posting new 2 1/2 month high at 1.1583 on strong acceleration on Tuesday. Profit-taking on past three-day rally could drag the price further down, as overbought slow stochastic and RSI are turning lower on daily chart. Psychological support at 1.1500 and rising Tenkan-sen (1.1476) should ideally contain dips and keep bulls in play, as bulls eye targets at 1.1614 and 1.1716/35 in extension. However, today’s trading is likely to be within limited range as markets are focusing on tomorrow’s ECB policy meeting which is expected to provide stronger signals.
Res: 1.1565, 1.1614, 1.1643, 1.1716
Sup: 1.1500, 1.1476, 1.1452, 1.1400
