EUR/USD: Sell on rallies (recovery till 1.15330 likely0
EUR/USD has resumed its weakness after a long consolidation by breaking major support 1.15070 level. The recovery from 1.0339 has ended at 1.25543 and downturn has resumed.
The hawkish fed and trade war are supporting US dollar prices. US dollar further got strengthened yesterday after dovish Fed member Evans turned hawkish.
The pair has lost almost 180 pips for the past two trading session and shown a bullish divergence in CCI (50) daily chart. So there is a chance of minor pullback till 1.1525-30. It is good to use this opportunity to go for short.
The near term resistance is around 1.15330 (23.6% fib) and any break above targets 1.1607 (10- day MA).
On the lower side, near term support is around 1.13700 and any violation below targets 1.1300/1.1186.
It is good to sell on rallies around 1.15330 with SL around1.1610 for the TP of 1.1370/1.1300.
The hawkish fed and trade war are supporting US dollar prices. US dollar further got strengthened yesterday after dovish Fed member Evans turned hawkish.
The pair has lost almost 180 pips for the past two trading session and shown a bullish divergence in CCI (50) daily chart. So there is a chance of minor pullback till 1.1525-30. It is good to use this opportunity to go for short.
The near term resistance is around 1.15330 (23.6% fib) and any break above targets 1.1607 (10- day MA).
On the lower side, near term support is around 1.13700 and any violation below targets 1.1300/1.1186.
It is good to sell on rallies around 1.15330 with SL around1.1610 for the TP of 1.1370/1.1300.