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FxWirePro: EUR/USD Intraday Idea

  • Candle stick – Doji
     
  • Minor trend line – 1.2260
     
  • EUR/USD has formed almost a triple top around 1.2300 and started to decline from that level. The pair was trading slightly weak on account of profit booking. The pair jumped till 1.2322 on Jan 17th 2018 and is currently trading around 1.22497. 
     
  • US dollar index is still under pressure as investors were waiting for US Senators vote to prevent a potential government shutdown. The federal spending authority is due to expire at mind night today Friday (12:01 am EDT).
     
  • Technically, near term resistance is around 1.2600 (61.8% fib) and any break above will take the pair to next level till 1.300/1.3550.
     
  • On the lower side, near term support is around 1.2200 and any break below will drag the pair down till 1.21650 (38.2%)/1.2113 (233- H MA)/1.2090 (resistance turned into support). Intraday weakness only below 1.2000.       

It is good to sell on rallies around 1.2255-60 with SL around 1.2325 for the TP of 1.21650/1.21130.

 

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