FxWirePro: EUR/USD trades well below 20- day MA, good to sell on rallies
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 ar…
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.
