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FxWirePro: EUR/USD trades below 233- H MA, good to sell on rallies

  • EUR/USD is continuing its weakness for third consecutive days on rising US 10 year yield. The pair hits low of 1.23375. It is currently trading around 1.23350.
     
  • US 10 year bond yields hits high of 2.92% on Friday and is trading slightly higher ahead of major auction $51 billion in 13- week ,$45 billion in 26 –week bills and $55 billion in four week bills.
     
  • The pair is facing near term resistance of 1.2360 (233- H MA) and break above will take the pair till 1.23890 (23.6% fibo)/1.2437 (100- H MA)/1.2500. Bullish continuation can be seen above 1.2550.
     
  • On the lower side, near term support is around 1.2330 and any violation below will drag the pair to next level till 1.2275/1.2200/1.2165. Minor weakness can be seen only below 1.2200.

It is good to sell on rallies around 1.2360-65 with SL around 1.2420 for the TP of 1.2275/1.2200.

 

 

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