EUR/USD faces strong support at 1.1100, good to sell on rallies
Major Resistance- 1.12640 (55 day EMA)
Major support- 1.1100 (200 day MA)
Euro has taken support near 200 day MA and jumped from that level. The pair has jumped till 1.1898 at the time of writing and it is currently trading around 1.11680.
On the higher side major intraday resistance is around 1.1201 and any break above targets 1.1260/1.1285 in short term.
The minor support is around 1.1150 and break below targets 1.1100. Any break below 1.1100 will confirm further weakness, a decline till 1.105/1.10 is possible.
It is good to sell on rallies around 1.1195-1.1200 with SL around 1.1265 for the TP of 1.1150/1.1050
Major support- 1.1100 (200 day MA)
Euro has taken support near 200 day MA and jumped from that level. The pair has jumped till 1.1898 at the time of writing and it is currently trading around 1.11680.
On the higher side major intraday resistance is around 1.1201 and any break above targets 1.1260/1.1285 in short term.
The minor support is around 1.1150 and break below targets 1.1100. Any break below 1.1100 will confirm further weakness, a decline till 1.105/1.10 is possible.
It is good to sell on rallies around 1.1195-1.1200 with SL around 1.1265 for the TP of 1.1150/1.1050
