FxWirePro: EUR/USD Faces Strong Resistance at 1.1180, Good to Sell on Rallies
- Major intraday Resistance- 1.1155 (21 day 4 HMA and also trend line joining 1.12168 and 1.1200)
- Major support – 1.1100 (200 day MA)
- Euro has jumped till 1.11548 today and declined from that level. It is currently trading around 1.11320.
- Short term trend is slightly weak as long as 1.1180 (200 day HMA) holds. Any break above 1.1180 will take the pair to next level at 1.12168/1.12427 (May 23rd high).
- On the lower side major support is around 1.1100 and break below targets 1.1050/1.1000.
- Market awaits US consumer confidence data for further direction.
It is good to sell on rallies around 1.1150 with SL around 1.1185 for the TP of 1.1100/1.1050.