FxWirePro: EUR/USD upside capped by 20- day MA, good to sell on rallies
EUR/USD pared its loss made today morning after hitting low of 1.22585. Euro has jumped almost 60 pips from the low of 1.22585. It is currently trading around 1.23120. Markets eyes US Fed monetary policy meeting which is…
EUR/USD pared its loss made today morning after hitting low of 1.22585. Euro has jumped almost 60 pips from the low of 1.22585. It is currently trading around 1.23120.
Markets eyes US Fed monetary policy meeting which is to be released on Wed for further direction. US fed is expected to rise interest rates by 25bpbs and market awaits dot plot for further direction.
The pair is facing near term resistance of 1.2320 (20- day MA) and break above will take the pair till 1.2360/1.2400/1.2435/1.2500. Bullish continuation can be seen above 1.2550.
On the lower side, near term support is around 1.2260 and any violation below will drag the pair to next level till 1.2200/1.2165.
It is good to sell on rallies around 1.22980-1.2300 with SL around 1.2345 for the TP of 1.2200/1.2165.
