FxWirePro: EUR/USD key resistance at 1.0800, bearish in the short term

EUR /USD pair inched higher against US dollar by hitting daily highs at 1.0795 after comments from Fed yellen. The pair's further advances towards higher levels could be limited around 1.0800 levels as the resistance formed lately around 1.0800 levels is likely to act as barrier to the bulls and bring a decline towards lower levels. Therefore, it's good to sell this pair around 1.0800 levels.

• To the upside, the strong resistance can be seen at 1.0800, a break above this level would take the pair towards next resistance at 1.0851.
• To the downside immediate support can be seen at 1.0731 levels, a break below this level will open the door towards next level at 1.0700.

Recommendation: Go short below 1.0800, targets 1.0730, 1.0670, SL 1.0820

Resistance Levels

R1: 1.0800 (Psychological levels)
R2: 1.0851 (61.8% Retracement level)
R3: 1.0890 (Nov 5th high)

Support Levels

S1: 1.0731 (Nov 11th low)
S2: 1.0700 (38.2% Retracement level)
S3: 1.0670 (Nov 10th lows)