FxWirePro: EUR/USD trades lower as Spain expects to trigger article 155, good to sell on rallies
EUR/USD has jumped sharply till1.1823 in the Asian session and tumbled sharply on geo political tensions escalates in Europe. Spain to trigger direct rule over Catalonia as deadline passes. The government of Mariano Rajo…
EUR/USD has jumped sharply till1.1823 in the Asian session and tumbled sharply on geo political tensions escalates in Europe. Spain to trigger direct rule over Catalonia as deadline passes. The government of Mariano Rajoy is expected to trigger article 155 of the constitution withdrawing Catalonia Autonomy. The pair declined till 1.17682 and is trading around 1.18047.
Market awaits US initial jobless claims and Philly Fed Manufacturing index data which is to be released for further direction.
On the lower side, the near term support is around 1.1720 and any convincing break below will drag the pair down till 1.1660. Bearish invalidation only below 1.1660.
On the higher side, near term resistance is around 1.1825 and any break above will take the pair to next level till 1.1880/1.1900/1.1928 (61.8% retracement of 1.20925 and 1.16621)/1.2000.
It is good to sell on rallies around 1.1805-1.1810 with SL around 1.1880 for the TP of 1.1720/1.1660.
