FxWirePro: EUR/USD faces resistance at 61.8% fibo, good to sell on rallies
EUR/USD dropped against dollar yesterday after news of terrorist attack in Paris, ahead of Presidential election this Sunday. Euro declined after hitting the high of 1.07720 level. It is currently trading around 1.07053.…
EUR/USD dropped against dollar yesterday after news of terrorist attack in Paris, ahead of Presidential election this Sunday. Euro declined after hitting the high of 1.07720 level. It is currently trading around 1.07053.
The supply zone is at 1.07775 (61.8% retracement of 1.09058 and 1.05694) and any violation above will take the pair till 1.08288/1.08735. Short tern bearish invalidation only above 1.09058.
On the lower side, pschycological support and 100 -EMA stands at 1.0700 and any break below targets 1.06455 (61.8% retracement of 1.05694 and 1.0777)/1.06000.
Markets await first round of French presidential election result for further direction.
It is good to sell on rallies around 1.0705-1.0710 with SL around 1.07775 for the TP of 1.06450/1.0600/1.05695.
