- EURUSD declined sharply after breaking major support at 1.2315 (20 –day MA). The pair hits fresh 2- week low on increasing US dollar demand. The pair dipped almost 175 pips form yesterday high. It is currently trading around 1.2245.
- S&P500 is consolidating after recovering till 2725 level. The near term resistance is around 2715 (55- day EMA) and any close above targets 2747/2790.
- The pair is facing near term resistance of 1.2320 and any close above will take the pair till 1.2400/1.24350. Bullish continuation can be seen only above 1.2540.
- On the lower side, near term support is around 1.2200 and any violation below will drag the pair to next level till 1.21650 (38.2% fibo)/1.2100. Minor trend reversal only below 1.2100.
It is good to sell on rallies around 1.2280-85 with SL around 1.2330 for the TP of 1.2200/1.2165.
