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Short

EUR/USD upside capped by 61.8% retracement,good to sell on ralli

FX:EURUSD   Euro Fx/U.S. Dollar
344 0 11
Major resistance- 1.1350 (61.8% retracement of 1.1616 and 1.09115)

Major support - 1.1225 (100 day MA).

The pair has declined sharply after jumping till 1.13225 yesterday. It is currently trading around 1.12630.

Short term trend is slightly weak as long as resistance 1.1350 holds.

On the higher side any break above 1.1350 will take the pair to next level till 1.1400/1.14300.

It should close above 1.14300 for further bullishness.

Technically major support is at 1.12250 and break below targets 1.1150/1.1085 (200 day MA).

It is good to sell on rallies around 1.1280-285 with SL around 1.1350 for the TP of 1.1155.
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