FxWirePro: EUR/USD Faces Strong Resistance at 1.1180, Good to Sell on Rallies

FxWirePro: EUR/USD Faces Strong Resistance at 1.1180, Good to Sell on Rallies

31 May 2016, 12:45
Roberto Jacobs
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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.

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