FxWirePro: EUR/USD retreats from the high as markets await Trump tax reform, good to sell on rallies
EUR/USD breaks the high of 1.09058 and jumped till 1.09508 at the time of writing. The upward bias of EUR/USD is losing some momentum and broken back below 1.2900. Market attention now turn towards US tax reform plans an…
EUR/USD breaks the high of 1.09058 and jumped till 1.09508 at the time of writing. The upward bias of EUR/USD is losing some momentum and broken back below 1.2900. Market attention now turn towards US tax reform plans announcement due today. It is currently trading around 1.08750.
The supply zone is at 1.0950 and any violation above will take the pair till 1.09785 (50% retracement of 1.16163 and 1.03400)/1.000.On the lower side, near term support is at 1.0880 and decline below targets 1.0840 (200- day MA)/1.0820/1.07800.
Minor weakness can be seen below 1.08200 the low formed after first round of French Election.
It is good to sell on rallies around 1.09000 with SL around 1.0970 for the TP of 1.08200/1.0745
