FxWirePro:EUR/USD trade idea

• Major Intraday resistance- 1.0740 (200- H MA)
   
• Major support – 1.06200
   
• EUR/USD formed a top around 1.08288 on Feb 2nd 2017 and declined sharply from that level. It is currently trading around 1.06596.
   
• The trend line support at 1.06963 was acting as minor support and any break below will drag the pair till 1.06200/1.05800 (Jan 19th low).
• On the higher side, major resistance is around 1.0740 (200- HMA) and above that level targets 1.0800/1.08288 (Feb 2nd 2017 high)/1.08735 (Dec 8th 2016 high).
• Short term bearish invalidation only above 1.08735. The decline from 1.16163 and 1.03402 will come to an end if the pair breaks above 1.08735 level.
• It is good to sell on rallies around 1.0675-6800 with SL around 1.07400 for the TP of 1.05800/1.0500.

Resistance                                                                              

R1-1.0740                           

R2 -1.08000

R3- 1.08735

Support      

S1-1.06200

S2-1.0580

S3- 1.05000