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Major resistance – 1.07015 (23.6% retracement of 1.12994 and 1.05180)
Major support – 1.0550
The pair jumped sharply till 1.06896 and slightly declined from that level. It is currently trading around 1.06450.
Market awaits U.S NFP data today for further direction. U.S economy is expected to add 177k jobs in the month of Nov compared to 161k in previous month. Only an dismal U.S jobs report will prevent the Fed from hiking rates.
Minor bullishness can be seen above 1.07015 and any break above will take the pair till 1.0755/1.08167.
Short term trend reversal only above 1.08200.
It is good to sell on rallies around 1.0700 with SL around 1.0760 for the TP of 1.0600/1.0560
