FxWirePro:EUR/USD upside capped by 5- day MA, good to sell on rallies
Major resistance- 1.0825 (5- day MA) Major support -1.0700 The pair declined sharply after jumping till 1.08162 yesterday. it is currently trading around 1.07250. The upside is capped by 5- day MA and nay break above wil…
The pair declined sharply after jumping till 1.08162 yesterday. it is currently trading around 1.07250.
The upside is capped by 5- day MA and nay break above will take the pair till 1.0850 (Support turned into resistance).Any slight break above 1.08500 will take the pair till 1.0950 (10- day MA).
On the lower side, major support 1.0700 and any indicative break below will drag the pair down till 1.06400 (161.8% retracement of 1.07091 and 1.08163)/1.0600.
Overall bearish invalidation only above 1.12990. It is good to sell on rallies around 1.0755-760 with SL around 1.0825 for the TP of 1.0640.
