EUR/USD faces strong resistance at 1.118,good to sell on rallies

FX:EURUSD   Euro / U.S. Dollar
195 0 8
Major intraday Resistance- 1.1155 (21 day 4 HMA and also trend line joining 1.12168 and 1.1200)

Major support – 1.1100 (200 day MA)

Euro             has jumped till 1.11548 today and declined from that level. It is currently trading around 1.11320.

Short term trend is slightly weak as long as 1.1180 (200 day HMA ) holds. Any break above 1.1180 will take the pair to next level at 1.12168/1.12427 (May 23rd high).

On the lower side major support is around 1.1100 and break below targets 1.1050/1.1000.

Market awaits US consumer confidence data for further direction.

It is good to sell on rallies around 1.1150 with SL around 1.1185 for the TP of 1.1100/1.1050.
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