EURUSD hits 27- month high of 1.20700 in previous week and started to decline from that level. The pair dipped till 1.18230 and shown a minor jump till 1.19795 after weaker than expected U.S jobs data.
The pair faces major trend line resistance at 1.19600 (trend line joining 1.20700 and 1.19795) and any break above will take the pair to next level till 1.2000/1.2070 (161.8% fibo).
In the weekly chart the pair has formed bearish divergence and stochastic also shows over bought.
On the lower side, any break below 1.18170 (21- day EMA) will drag the pair to next level till 1.17500 (200- W MA)/1.1700/1.16620 (Aug 17th 2017 low).
It is good to sell on rallies around 1.1955-1.19600 with SL around 1.2020 for the 1.18200/1.1750
The pair faces major trend line resistance at 1.19600 (trend line joining 1.20700 and 1.19795) and any break above will take the pair to next level till 1.2000/1.2070 (161.8% fibo).
In the weekly chart the pair has formed bearish divergence and stochastic also shows over bought.
On the lower side, any break below 1.18170 (21- day EMA) will drag the pair to next level till 1.17500 (200- W MA)/1.1700/1.16620 (Aug 17th 2017 low).
It is good to sell on rallies around 1.1955-1.19600 with SL around 1.2020 for the 1.18200/1.1750
