FxWirePro: EUR/USD upside capped by 10- day MA, good to sell on rallies

• EUR/USD jumped more than 100 pips from the low of 1.17166 and hits intraday high of 1.18297. US dollar has been slightly weak as overall market sentiment has been improved. China is going to lower import tariff on passenger cars from 25% to 15%.Italian President Matterella called the leaders of the lower and upper houses of the parliament for a meeting today. 5- Star leader said that Giuseppe Conte is the nominee for Italy’s new PM. The yields has shown more than 2.5% decline after hitting fresh 7 year high at 3.10% on Friday. With no major economic data to be released today. Markets eye US Fed minutes meeting tomorrow for further direction. It is currently trading around 1.18126.
   
• On the higher side, near term major intraday resistance is around 1.1850 (10- day MA) and any break above will take the pair to next level till 1.1925/1.1965. Short term bearish invalidation only above 1.2020 (200- day MA).
   
• The near term support is at 1.1715 (61.8% fibo) and any convincing break below will drag the pair to next level till 1.1660/1.1600.

It is good to sell on rallies around 1.1810-15 with SL around 1.1860 for the TP of 1.1715/1.1660.