EUR/USD breaks significant trend line support on France political uncertainty. It hits an intraday low of 1.16059 and is currently trading around 1.16318. Intraday trend remains bullish as long as support 1.1720 holds.
The pair is holding below the 55 EMA, 200 EMA, and 365 EMA in the 4-hour chart. Near-term resistance is seen at 1.1670; a break above this may push the pair to targets of 1.1700/1.1765/1800/1.1835/1.1850/1.1920. On the downside, support is seen at 1.1600; any violation below will drag the pair to 1.15750/1.1545/1.1480/1.1435.
Market Indicators and Trading Strategy
Commodity Channel Index (CCI)- Bearish
Average Directional Movement Index (ADX) - Bearish
It is good to sell on rallies around 1.1670 with a stop-loss at 1.1725 for a target price of 1.1575/1.1520.
