FxWirePro: EUR/USD upside capped by 20- day MA, good to sell on rallies
EURUSD declined sharply till 1.2212 yesterday after breaking major support at 1.2315 (20 –day MA). The pair hits fresh 2- week low on rising US 10 year bond yields. The pair shown a minor recovery of 85 pips till 1.2292.…
EURUSD declined sharply till 1.2212 yesterday after breaking major support at 1.2315 (20 –day MA). The pair hits fresh 2- week low on rising US 10 year bond yields. The pair shown a minor recovery of 85 pips till 1.2292. It is currently trading around 1.2257.
S&P500 declined almost 3.75% yesterday and closed at 2581 yesterday. The near term support is around 2530 and any break below confirms further weakness.
The pair is facing near term resistance of 1.2328 (20- day MA) 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.
