FxWirePro: EUR/USD downside capped by 20 –day MA, good to sell on rallies
EUR/USD is slightly consolidating after hitting low of 1.19162 yesterday. The pair has formed a double top around 1.20891. The bullish continuation only above 1.2092. It is currently trading around 1.19967. Market eyes U…
EUR/USD is slightly consolidating after hitting low of 1.19162 yesterday. The pair has formed a double top around 1.20891. The bullish continuation only above 1.2092. It is currently trading around 1.19967.
Market eyes US PPI, CPI and retail sales data to be released this week 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% fibo)/1.1800.Minor weakness can be seen only below 1.1800.
On the higher side, near term resistance is around 1.1992 (10- day MA) and any break above will take the pair till 1.20520/1.20920.
It is good to sell on rallies around 1.2050 with SL around 1.2095 for the TP of 1.1845/1.1805.
