EUR/USD has declined sharply after hitting high of 1.18324 on Sep 29th 2017 and declined sharply till 1.1700 after geo political tensions in Spain. Euro was trading weak against US dollar after voters in Catalonia was in favor of independence from Spain. About 90% of population voted for exiting Spain. In the next several days the news from Spain will be the main catalyst for EUR/USD movements.
Technically pair is facing strong support at 1.17200 (200- W MA) and any convincing break below that level confirms minor weakness, a decline till 1.16600/1.1600 likely.
On the higher side, near term resistance around 1.17650 (55- day EMA) and any break above will take the pair to next level till 1.17877 (23.6% retracement of 1.20925 and 1.16964)/ 1.1838 (34- day MA)/ 1.1870. Overall bullish continuation only above 1.20925.
It is good to sell on rallies around 1.1740-1.1745 with SL around 1.1800 for the TP of 1.1660/1.1600.
Technically pair is facing strong support at 1.17200 (200- W MA) and any convincing break below that level confirms minor weakness, a decline till 1.16600/1.1600 likely.
On the higher side, near term resistance around 1.17650 (55- day EMA) and any break above will take the pair to next level till 1.17877 (23.6% retracement of 1.20925 and 1.16964)/ 1.1838 (34- day MA)/ 1.1870. Overall bullish continuation only above 1.20925.
It is good to sell on rallies around 1.1740-1.1745 with SL around 1.1800 for the TP of 1.1660/1.1600.