EUR/USD: Sell on rallies

FX:EURUSD   Euro / U.S. Dollar
313 0 9
Major support – 1.03500

Major resistance – 1.06750 ( median line channel)

The pair has broken major intraday support at 1.04300 and declined till 1.03961 level. It is currently trading around 1.0420.

Short term trend is still weak as long as major intraday resistance 1.05000 holds.

On the higher side, next immediate resistance stands at 1.04650 (200- HMA ) and any break above will take the pair till 1.0500/1.05900 level.

The major support is around 1.03500 and any violation below 1.03500 will drag the pair down till 1.02615/ 1.0150 (161.8% retracement of 1.03522 and 1.06530).

It is good to sell on rallies around 1.0405-1.04080 with SL around 1.0465 for the TP of 1.03500/1.0260
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