FxWirePro:EUR/USD breaks trend line support, dip till 1.05800 likely
Major Intraday resistance- 1.0740 (200- H MA) Major support – 1.06200 EUR/USD formed a top around 1.08288 on Feb 2nd 2017 and declined sharply from that level. It is currently trading around 1.06596. The trend line suppo…
EUR/USD formed a top around 1.08288 on Feb 2nd 2017 and declined sharply from that level. It is currently trading around 1.06596.
The trend line support at 1.06963 was acting as minor support and any break below will drag the pair till 1.06200/1.05800 (Jan 19th low).
On the higher side, major resistance is around 1.0740 (200- HMA) and above that level targets 1.0800/1.08288 (Feb 2nd 2017 high)/1.08735 (Dec 8th 2016 high).
Short term bearish invalidation only above 1.08735. The decline from 1.16163 and 1.03402 will come to an end if the pair breaks above 1.08735 level.
It is good to sell on rallies around 1.0675-6800 with SL around 1.07400 for the TP of 1.05800/1.0500.
