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Short

EUR/USD struggles to close below 200 MA,good to sell on rallies

FX:EURUSD   Euro Fx/U.S. Dollar
277 0 11
Major support – 1.10770 (200 day MA).

The pair has broken major support 1.10770 on Friday after better than expected US Nonfarm payroll.

U.S economy has added 255k jobs in July vs. expected 180K and headline unemployment rate steady at 4.9%.

The pair declined till 1.0457 and jumped till 1.11052. It has closed slightly above 200 day MA at 1.10831 on Friday.

On the lower side, any close below 1.10770 confirms minor trend reversal, a decline till 1.1000/1.0950 likely.

Technically the pair should break above 1.1156 (90 day EMA) for minor bullishness and break above targets 1.1200/1.1.230.

It is good to sell on rallies around 1.1100 with SL around 1.1160 for TP of 1.100/1.0955.
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