FxWirePro:EUR/USD upside capped by 3- day EMA , good to sell on rallies
Major resistance- 1.0495 (3- day EMA). Major support – 1.03500. EUR/USD breaks major support at 1.04600 previous year low and declined till 1.03600 yesterday. It has slightly recovered from fresh year low till 1.04720 at…
EUR/USD breaks major support at 1.04600 previous year low and declined till 1.03600 yesterday. It has slightly recovered from fresh year low till 1.04720 at the time of writing. It is currently trading around 1.04583.
The pair upside is capped by 3- day EMA and any break above will take the pair to next level till 1.05250/1.0551 (5- day MA). 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 1.0500 with SL around 1.0550 for the TP of 1.03600/1.0280.
