EUR/USD trade idea

• Major resistance- 1.08500 (Support turned into resistance)
   
• Major intraday support – 1.0680 (55- 4H EMA)
   
• EUR/USD jump from the low of 1.0504 is seen as correction and the pair should close above 1.08500 for the slight bullishness.
   
• The major resistance stands at 1.08500 (support turned into resistance) and any break above confirms major trend reversal. Market focus is on ECB monetary policy meeting as policy makers to decide on the current EUR 80b a month asset purchase program which expires in March.
   
• Technically any close above 1.08500 will take the pair till 1.1000 level.
   
• On the lower side, major intraday support is around 1.06800 and indicative break below 1.06800 will drag the pair down till 1.06000/1.0550 level.

It is good to sell on rallies around 1.08000 with SL around 1.08500 for the TP of 1.06800/1.0600.

Resistance                                                                                 

R1-1.08500

R2-1.0900

R3- 1.1000

Support               

S1-1.06800

S2-1.06000

S3- 1.05040