- Major resistance – 1.2020 (61.8% fib).
- EUR/USD has shown a good upside yesterday till 1.20176 on rumors came that China might halt or reduce U.S treasury purchase. The pair started to decline from that level. The pair has formed a double top around 1.20891. The bullish continuation only above 1.2092. It is currently trading around 1.19475.
- Market eyes US PPI, initial jobless claims data to be released today for further direction.
- Technically, near term is around 1.1905 (20- day MA) and any break below will drag the pair down till 1.1854 (61.8% fib)/1.1800.Minor weakness can be seen only below 1.1800.
- On the higher side, near term resistance is around 1.2025 (61.8% fib) and any break above will take the pair till 1.20520/1.20920.
It is good to sell on rallies around 1.1965-70 with SL around 1.2025 for the TP of 1.1845/1.1805.
