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EUR/USD trades well below 1.1200, decline till 1.110 likely

Monday, August 29, 2016 11:09 AM UTC

Major resistance- 1.1370.
Major support – 1.1180 (55- day EMA).
The pair has declined drastically on Friday after Fed chairman Janet Yellen said that there is a possibility of a rate hike in 2016.
EUR/USD declined from the high of 1.13408 till 1.11805 on Friday and closed at 1.11927. The pair has broken 1.1180 today in the European session and declined till 1.11718.
Any break below 1.1180 confirms minor weakness, a decline till 1.1108 (200- day MA)/1.100.
On the higher side, any break above 1.1220 will take the pair till 1.130/1.1365.

It is good to sell on rallies around 1.1220 with SL around 1.1280 for the TP of 1.1100

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EUR/USD trades well below 1.1200, decline till 1.110 likely

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