FxWirePro:EUR/USD faces strong resistance at 1.08500, good to sell on rallies
Major resistance- 1.0850 (support turned into resistance) Major support -1.0700 The pair jumped sharply from the low of 1.07091 and broken minor pschycological resistance 1.08000. It is currently trading around 1.0800. A…
Major resistance- 1.0850 (support turned into resistance)
Major support -1.0700
The pair jumped sharply from the low of 1.07091 and broken minor pschycological resistance 1.08000. It is currently trading around 1.0800.
Any slight break above 1.08500 will take the pair till 1.0950 (7- day EMA)/1.0970 (21-day MA).
On the lower side, minor support 1.0750 and any indicative break below will drag the pair down till 1.0700/1.06400 (161.8% retracement of 1.07091 and 1.08163).
Overall bearish invalidation only above 1.12990.
It is good to sell on rallies around 1.08500 with SL around 1.09500 for the TP of 1.0700/1.0645.
