EURUSD trades well below trend line support, targets 1.1800
EUR/USD declined sharply after forming a minor top around 1.20891. The pair broken major trend lien support 1.2000 and declined almost 75 pips. It is currently trading around 1.19313.
German industrial production came at 3.4% gain from the forecast of 1.9% and trade surplus of Germany widened to EUR 22.3 billion beating forecast of EUR 20.7 billion.
Technically, near term is around 1.1890 (20- day MA) and any break below will drag the pair down till 1.1854 (61.8% fibo)/1.1800.Minor weakness can be seen only below 1.1800.
On the higher side, near term resistance is around 1.19840 (10- day MA) and any break above will take the pair till 1.2000/1.20520/1.20920.
It is good to sell on rallies around 1.1945-50 with SL around 1.2000 for the TP of 1.1845/1.1805.
German industrial production came at 3.4% gain from the forecast of 1.9% and trade surplus of Germany widened to EUR 22.3 billion beating forecast of EUR 20.7 billion.
Technically, near term is around 1.1890 (20- day MA) and any break below will drag the pair down till 1.1854 (61.8% fibo)/1.1800.Minor weakness can be seen only below 1.1800.
On the higher side, near term resistance is around 1.19840 (10- day MA) and any break above will take the pair till 1.2000/1.20520/1.20920.
It is good to sell on rallies around 1.1945-50 with SL around 1.2000 for the TP of 1.1845/1.1805.
Comment:
The pair has taken support near 20 day MA at 1.1900 and any further weakness below that level
