EUR/USD downside intact below 200-DMA, good to short rallies
EUR/USD now trades almost unchanged at 1.1045, bears extend control post-NFP release.
Price action in the pair remains below 200-DMA at 1.1093, intraday bias bearish.
Upside finds stiff resistance at 1.120 (trendline support turned resistance).
Recovery attempts from post-referendum lows capped below trendline and we see reversal in trend only on breaks above 1.120 (1.1385 target).
Techs support further downside in the pair, momentum studies bearish, RSI and MACD biased lower.
Good to sell rallies around 1.1050; SL: 1.1120; TP: 1.10/ 1.0940/ 1.0912
Resistance on the upside aligns at - R1:1.1067 (50% Fib of Dec to May rally); R2:1.1093 (200-DMA); R3:1.120 (trendline and 38.2% Fib).
Supports on the downside are located at - S1:1.1002 (July 8 low); S2:1.0937 (61.8% Fib); S3:1.0912 (June 24 low).
Price action in the pair remains below 200-DMA at 1.1093, intraday bias bearish.
Upside finds stiff resistance at 1.120 (trendline support turned resistance).
Recovery attempts from post-referendum lows capped below trendline and we see reversal in trend only on breaks above 1.120 (1.1385 target).
Techs support further downside in the pair, momentum studies bearish, RSI and MACD biased lower.
Good to sell rallies around 1.1050; SL: 1.1120; TP: 1.10/ 1.0940/ 1.0912
Resistance on the upside aligns at - R1:1.1067 (50% Fib of Dec to May rally); R2:1.1093 (200-DMA); R3:1.120 (trendline and 38.2% Fib).
Supports on the downside are located at - S1:1.1002 (July 8 low); S2:1.0937 (61.8% Fib); S3:1.0912 (June 24 low).