FxWirePro: EUR/USD faces major channel support at 1.1785, break below targets 1.1612
EURUSD has broken 18 month high of 1.18455 made yesterday and jumped till 1.19098 yesterday. The pair declined till 1.18300 from the high on account of profit booking. It is currently trading around 1.18382 0.15% lower. …
EURUSD has broken 18 month high of 1.18455 made yesterday and jumped till 1.19098 yesterday. The pair declined till 1.18300 from the high on account of profit booking. It is currently trading around 1.18382 0.15% lower.
U.S ADP employment data shows a 178K for July compared to forecast of 185K. But June increase was revised to 191K. Market awaits U.S NFP data for further direction.
The pair near term resistance is around 1.19100 high made yesterday. Any break above 1.1910 will take the pair till 1.1925/1.1975 (2015 yearly high).
On the lower side, 1.17850 (5- day MA) will be acting as near term support and any break below will drag the pair down till 1.17680 (23.6% Retracement of 1.13123 and 1.19098)/1.17200 (10- day MA).Minor weakness can be seen only below 1.1600.
It is good to sell below 1.1785 with SL around 1.18500 for the TP of 1.1615.
