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FxWirePro:EUR/USD upside capped by 21- day MA, good to sell on rallies

  • Major resistance- 1.0700 (21- day MA)
     
  • Major support – 1.05200
     
  • EUR/USD formed a major bottom around 1.05214 and jumped sharply from that level. It is currently trading around 1.06474.
     
  • On the higher side 1.0700-1.07210 (21- day EMA and 61.8% retracement will be acting as major near term resistance and any break above confirms minor trend reversal in the short term. Any break above targets 1.0745/1.0800 level. Short term bearish invalidation only above 1.08735.
     
  • The next immediate support is around 1.05800 and any break below will drag the 1.05200/1.04500.

    It is good to sell on rallies around 1.0660-1.0665 with SL around 1.07210 for the TP of 1.05800/1.05200
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