EURUSD faces strong resistance at 7- day EMA,break above confirms further bullishness
Major resistance- 1.06800 (55- day EMA) Major support – 1.05200 EUR/USD recovers sharply after making a low of 1.05214 yesterday. It is currently trading around 1.06446. On the higher side 1.0659 -1.06710 (21- day EMA an…
EUR/USD recovers sharply after making a low of 1.05214 yesterday. It is currently trading around 1.06446.
On the higher side 1.0659 -1.06710 (21- day EMA and 55- day EMA) will be acting as major near term resistance and any break above confirms minor trend reversal in the short term. Any break above targets 1.0745/1.0800 level. Short term bearish invalidation only above 1.08735. The minor resistance is around 1.06300 (7- day EMA).
The next immediate support is around 1.05800 and any break below will drag the 1.05200/1.04500.
It is good to buy on dips around 1.0600 with SL around 1.05200 for the TP of 1.0700/1.0745/1.0800
