FxWirePro: EUR/USD upside capped by 100- day MA, good to sell on rallies
EURUSD declined sharply after hitting high of 1.16900 yesterday. The pair is trading weak after slightly better than expected US Nonfarm payroll. It has declined till 1.15885. It is currently trading around 1.15850. US e…
EURUSD declined sharply after hitting high of 1.16900 yesterday. The pair is trading weak after slightly better than expected US Nonfarm payroll. It has declined till 1.15885. It is currently trading around 1.15850.
US economy has added 261K jobs in Oct and unemployment rate down to 4.1% from 4.2%. The labor market returned to normal following storm- weakened Sep.
The pair is facing hurdle at 1.1700 (100- day MA) and any break above will take the pair to next level till 1.1747 (55- day EMA)/1.18300. Any major up move can be seen only above 1.1880.
On the lower side, near term support is around 1.15700 and any break below will drag the pair till 1.1540/1.1500. Major weakness can be seen below 1.14300.
It is good to sell on rallies around 1.1645-1.1650 with SL around 1.1700 for the TP of 1.1545/1.1500
