FxWirePro: EUR/USD upside capped by 23.6% fibo, good to sell on rallies
Monday, April 17, 2017 9:28 AM UTC
- Major resistance – 1.0647 (23.6% retracement of 1.09058 and 1.05694).
- The pair shown a good jump from the low of 1.06024 made on Apr 14th 2017. EURUSD hits intraday high of 1.06512 and shown a mild correction from the high. It is currently around 1.06252 0.22% higher.
- The Euro jumped higher in European session as latest polls shows that candidate Macron as likely winner of the first round of French Presidential election.
- On the lower side, major support is around 1.06000 and any break below will drag the pair till 1.05694 (Apr 10t h2017 low)/1.05250. Minor weakness only below 1.04900.
- The near term resistance is around 1.06480 and any break above will take the pair till 1.0680/1.0702 (21- day MA).
It is good to sell on rallies around 1.06450-1.06470 with SL around 1.07000 for the TP of 1.0570/1.05250.