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EUR/USD breaks below 55- day EMA, good to sell on rallies

FX:EURUSD   Euro Fx/U.S. Dollar
238 0 9
Major Resistance – 1.1280 (trend line joining 1.16163 and 1.13660).

EUR/USD             retreated sharply after making a high of 1.12588 yesterday. It is currently trading around 1.12163.

The pair has broken major support at 1.1194 (55- day EMA) and declined slightly from that level till 1.11818 at the time of writing.

The pair is facing strong resistance around 1.1280 (trend line joining 1.16163 and 1.13660)and any slight bullishness can be seen only above that level.

Short term weakness below 1.1120 level.

The major resistance is around 1.12800 (trend line joining 1.16163 and 1.13663) and break above targets 1.13660.The minor resistance is around 1.1245 (daily Kijun-Sen).

It is good to sell on rallies around 1.1240 with SL around 1.1280 for the TP of 1.1150/1.112

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