FxWirePro: EUR/USD hits 4- month low, good to sell on rallies
Major resistance – 1.16600 (233- H MA). EUR/USD is trading weak and hits 4- month low as ECB President Draghi delivering opening remarks at ECB forum on Banking Supervision in Frankfurt. The pair declined till 1.15660 an…
EUR/USD is trading weak and hits 4- month low as ECB President Draghi delivering opening remarks at ECB forum on Banking Supervision in Frankfurt. The pair declined till 1.15660 and is currently trading around 1.15658.
After a week of consolidation the pair has broken the low of 1.15742 made after US Nonfarm payroll. This confirms further weakness in Euro to continue and a dip till 1.1500/1.14235 (38.2% retracement of 1.04833 and 1.20925).
On the higher side, minor bullishness can be seen only above 1.16630 (233- H MA and support turned into resistance) and any break above will take the pair to next level till 1.1720/1.1755.
It is good to sell on rallies around 1.1585-1.1590 with SL around 1.1660 for the TP of 1.1500/1.1435.
