EUR/USD: Sell on rallies

FX:EURUSD   Euro / U.S. Dollar
314 1 13
Major resistance – 1.1250 ( trend line joining 1.13270 and 1.12793)

Potential Reversal Zone (PRZ)- 1.13270

EUR/USD             has recovered sharply from the low of 1.11379 and jumped till 1.12385 yesterday. It is currently trading around 1.1224.

Short term bullishness can be seen only above 1.1280 level.

The pair is facing resistance around trend line at 1.12510 and any violation above will directly take the pair till 1.1280/1.13270/1.13660.

Short term bearish invalidation only above 1.13660.

On the lower side, 1.1220 (200 –4H MA) will be acting as immediate support and any break below will drag the pair down till 1.1180 (100- day MA)/1.1160 (200- day MA)/1.1120.

It is good to sell on rallies around 1.12500 with SL around 1.1280 for TP of 1.1180/1.1160
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