FxWirePro: EUR/USD Trade Idea

• EUR/USD declined sharply till 1.2212 yesterday after breaking major support at 1.2315 (20 –day MA). The pair hits fresh 2- week low on rising US 10 year bond yields.  The pair shown a minor recovery of 85 pips till 1.2292. It is currently trading around 1.22446.
   
• S&P500 declined almost 3.75% yesterday and closed at 2581 yesterday. The near term support is around 2530 and any break below confirms further weakness.
   
• The pair is facing near term resistance of 1.2328 (20- day MA) and any close above will take the pair till 1.2400/1.24350. Bullish continuation can be seen only above 1.2540.
   
• On the lower side, near term support is around 1.2200 and any violation below will drag the pair to next level till 1.21650 (38.2% fibo)/1.2100. Minor trend reversal only below 1.2100.

It is good to sell on rallies around 1.2280-85 with SL around 1.2330 for the TP of 1.2200/1.2165.

Resistance
 

R1-1.2328
 

R2 -1.2400
 

R3-1.2435
 

Support               
 

S1-1.2200
 

S2-1.2165
 

S3- 1.2100