FxWirePro: EUR/USD Trade Idea

• EUR/USD hits 27- month high of 1.20700 in previous week and started to decline from that level.  The pair dipped till 1.18230 and shown a minor jump till 1.19795 after weaker than expected U.S jobs data.
   
• The pair faces major trend line resistance at 1.19600 (trend line joining 1.20700 and 1.19795) and any break above will take the pair to next level till 1.2000/1.2070 (161.8% fibo).
   
• In the weekly chart the pair has formed bearish divergence and stochastic also shows over bought.
   
• On the lower side, any break below 1.18170 (21- day EMA) will drag the pair to next level till 1.17500 (200- W MA)/1.1700/1.16620 (Aug 17th 2017 low).

It is good to sell on rallies around 1.1955-1.19600 with SL around 1.2020 for the 1.18200/1.1750.

Resistance
               

R1- 1.1960

R2 1.2000
 

R3- 1.2070
 

Support               
 

S1-1.18170
 

S2-1.1745
 

S3-1.16620