FxWirePro: EUR/USD trades weak, good to sell on rallies
EUR/USD declined almost more than 40 pips in European session. The pair has broken 3- week high 1.24450 and jumped till 1.24763.The pair has formed minor top around 1.24763 and minor bullishness only above that level. Th…
EUR/USD declined almost more than 40 pips in European session. The pair has broken 3- week high 1.24450 and jumped till 1.24763.The pair has formed minor top around 1.24763 and minor bullishness only above that level. The pair was trading high on news of trade war between US and China. US and China have “quietly started negotiating” and US Treasury Secretary Steven Mnuchin is considering a trip for Beijing for talks. It is currently trading around 1.24123.
The pair has broken major near support 1.24200 (23.6% fibo) and any break below will drag the pair down till 1.2400/1.2360 (resistance turned into support)/1.2330 (200- H MA).Any violation below 1.2330 will take the pair till 1.2300/1.2280.
On the higher side, near term resistance is around 1.2475 and any violation above will take the pair to next level till 1.2510/1.2550.
It is good to sell on rallies around 1.2435 with SL around 1.2475 for the TP of 1.2360/1.2330.
