FxWirePro: EUR/USD hits 3- week low, good to sell on rallies
EUR/USD has broken the Aug low of 1.1823 on German political uncertainty after elections. The pair declined till 1.18100 and is currently trading around 1.18187. German Mrs Merkel won for the fourth term as chancellor bu…
EUR/USD has broken the Aug low of 1.1823 on German political uncertainty after elections. The pair declined till 1.18100 and is currently trading around 1.18187.
German Mrs Merkel won for the fourth term as chancellor but ADF success could hinder Eurozone. Market awaits Fed chairman and ECB’S Praet speech today for further direction.
Technically pair has closed below 1.1870 (233- 4H MA) and this confirms major weakness, a decline till 1.17600 (55- day EMA)/1.1700 likely.
On the higher side, near term resistance around 1.18700 and any break above will take the pair to next level till 1.19250 (20- day MA)/1.1965/1.2000. Overall bullish continuation only above 1.20925.
It is good to sell on rallies around 1.1830-1.1835 with SL around 1.1872 for the TP of 1.1765/1.1700.
