FxWirePro: EUR/USD faces strong resistance at 1.12780, good to sell on rallies

• Major support- 1.118 (90- day EMA).
   
• Major resistance – 1.12780 (61.8% retracement of 1.13269 and 1.11986).
   
• EUR/USD has declined sharply after making a 1.12678 yesterday. It is currently trading around 1.2232.
   
• On the higher side, any break above 1.12780 will take the pair till 1.1300/1.13270/1.1360.
   
• The major support is around 1.1189 (55- day EMA) and any break below targets 1.1138 (200- day MA)/1.1100.
   
• Overall trend reversal is only above 1.1360.

It is good to sell on rallies around 1.1275-1.280 with SL around 1.1360 for the TP of 1.1138/1.1045.