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EUR/USD downside intact below 200-DMA, good to short rallies

FX:EURUSD   Euro Fx/U.S. Dollar
452 0 15
EUR/USD             now trades almost unchanged at 1.1045, bears extend control post-NFP release.

Price action in the pair remains below 200-DMA at 1.1093, intraday bias bearish .

Upside finds stiff resistance at 1.120 (trendline support turned resistance).

Recovery attempts from post-referendum lows capped below trendline and we see reversal in trend only on breaks above 1.120 (1.1385 target).

Techs support further downside in the pair, momentum studies bearish , RSI and MACD biased lower.

Good to sell rallies around 1.1050; SL: 1.1120; TP: 1.10/ 1.0940/ 1.0912

Resistance on the upside aligns at - R1:1.1067 (50% Fib of Dec to May rally); R2:1.1093 (200-DMA); R3:1.120 (trendline and 38.2% Fib).

Supports on the downside are located at - S1:1.1002 (July 8 low); S2:1.0937 (61.8% Fib); S3:1.0912 (June 24 low).
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