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EURUSD trades well below trend line support, targets 1.1800 : FxWirePro | January 9, 2018

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EUR/USD -0.31% 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.


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