FxWirePro: EUR/USD upside capped by 5- W MA, good to sell on rallies
Major resistance- 1.0500 (3- W EMA) Major support – 1.03500. EUR/USD jumped till 1.04990 in the previous week and slightly declined from that level.The pair closed at 1.04459.It is currently trading around 1.04445. The p…
EUR/USD jumped till 1.04990 in the previous week and slightly declined from that level.The pair closed at 1.04459.It is currently trading around 1.04445.
The pair jumped till 1.04992 and it should close above 3- W MA for further bullishness. Any close above will take the pair to next level till 1.0570 (5- W MA)/1.0590 (7- W MA)/1.0670. Short term bullishness only above 1.06700 level.
On the lower side EUR/USD is facing strong support at 1.03400 (127.2% retracement of 1.03665 and 1.04720) and any violation below will drag the pair till 1.02835 (161.8% retracement of 1.05047 and 1.08700).
It is good to sell on rallies around 1.0540 with SL around 1.0600 for the TP of 1.03500
