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EUR/USD hits 4- month low, good to sell on rallies : FxWirePro | November 7, 2017

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Major resistance – 1.16600 (233- H MA).

EUR/USD -0.37% -0.32% is trading weak and hits 4- month low as ECB President Draghi delivering opening remarks at ECB forum on Banking Supervision in Frankfurt. The pair declined till 1.15660 and is currently trading around 1.15640.

After a week of consolidation the pair has broken the low of 1.15742 made after US Nonfarm payroll. This confirms further weakness in Euro -0.37% -0.32% to continue and a dip till 1.1500/1.14235 ( 38.2% retracement of 1.04833 and 1.20925).

On the higher side, minor bullishness can be seen only above 1.16630 (233- H MA and support turned into resistance) and any break above will take the pair to next level till 1.1720/1.1755.

It is good to sell on rallies around 1.1585-1.1590 with SL around 1.1660 for the TP of 1.1500/1.1435.

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