FxWirePro: EUR/USD trades lower on political uncertainty, good to sell on rallies

• EUR/USD declined almost 90 pips from the high of 1.19018 on account of political uncertainty. The pair declined till 1.18170 after Catalonia pro-independence parties claim victory in regional elections. The unofficial results gave three separatist parties a 70- seat majority in the 135 member parliament.
   
• US initial jobless claims rose 20k to 245k in the week ended Dec 15 compared with forecast of 234k. The final reading of US GDP came at 3.2% compared to forecast of 3.3%.
   
• Technically, the pair is facing strong resistance at 1.19612 (Nov 27th 2017 high) and any minor bullishness can be seen only above that level. Any convincing break above 1.19612 will take the pair to next level till 1.2000/1.2090.
   
• On the lower side, major support is around 1.1800 and any break below will drag the pair to next level till 1.1745/1.1700. The minor support is around 1.1835.

It is good to sell on rallies around 1.1880-85 with SL around 1.1940 for the TP of 1.1800/1.1720.

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