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Short

EUR/USD upside capped by 5- day MA, good to sell on rallies

FX:EURUSD   Euro / U.S. Dollar
232 0 5
Major resistance- 1.0825 (5- day MA)

Major support -1.0700

The pair declined sharply after jumping till 1.08162 yesterday. it is currently trading around 1.07250.

The upside is capped by 5- day MA and nay break above will take the pair till 1.0850 (Support turned into resistance).Any slight break above 1.08500 will take the pair till 1.0950 (10- day MA).

On the lower side, major support 1.0700 and any indicative break below will drag the pair down till 1.06400 (161.8% retracement of 1.07091 and 1.08163)/1.0600.

Overall bearish invalidation only above 1.12990.

It is good to sell on rallies around 1.0755-760 with SL around 1.0825 for the TP of 1.0640.
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