EUR/USD faces trend line support at 1.06400, break below targets further bearishness
Major support – 1.06400 (Trend line joining 1.04971 and 1.05250). Major intraday resistance – 1.0709 (21- day EMA). EUR/USD consolidating in narrow range for the past three after heavy decline from the high of 1.09058 le…
Major support – 1.06400 (Trend line joining 1.04971 and 1.05250).
Major intraday resistance – 1.0709 (21- day EMA).
EUR/USD consolidating in narrow range for the past three after heavy decline from the high of 1.09058 level. Short term bias is on the downside and minor reversal can happen above 1.07090.
On the lower side, any break below 1.06400 will drag the pair till 1.0600/1.05250 (Mar 9th 2017 low)/1.04940 (Mar 2nd low).
The near term resistance is around 1.0709 (21- day EMA) and any break above will take the pair to next level till 1.07450/1.07800. Short term bearish invalidation only above 1.09058.
It is good to sell on rallies around 1.0650-1.0655 with SL around 1.0710 for the TP of 1.05800/1.05250.
