FxWirePro: EUR/USD upside capped by daily Tenken-Sen, good to sell on rallies
Major resistance- 1.0510 (daily Tenken-Sen) Major support – 1.03500 EUR/USD is trading in narrow range between 1.03522 and1.04992 for the past five trading session.The pair closed at 1.04514. It is currently trading arou…
EUR/USD is trading in narrow range between 1.03522 and1.04992 for the past five trading session.The pair closed at 1.04514. It is currently trading around 1.04525.
The pair made a high of 1.04992 on 22nd Dec 2016 and it’s upside is capped by daily Tenken-Sen and any break above that level will take the pair to next level till 1.0560 (21 day MA)/1.0613 (daily Kijun-Sen)/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
