FxWirePro: EUR/USD approaching resistance level at 1.0883, bearish in the short term

 

• The pair has bounced back from daily lows in the European session to hit daily highs at 1.0874, the pair has to close above 1.0903 in order to resume upward momentum. Unless and until it closes above 1.0903 levels the pair remains under constant bearish pressure.

• The pair is currently trading around 1.0870 levels and it is expected decline further towards 1.0770 and 1.0750 in the short term.

• Short rally around 1.0880 should be taken as selling opportunities, as Euro is weak against the US dollar in the short term.
• To the upside, the strong resistance can be seen at 1.0907, a break above this level would take it to upside to next resistance level at 1.0955.

• To the downside immediate support can be seen at 1.0819, a break below this level will take the pair to next level at 1.0783.

 

Recommendation: Go short below 1.0880, targets 1.0840, 1. 0800, SL 1.0980

Resistance Levels

R1: 1.0883

R2: 1.0904 (July 17^th high)

R3: 1.0947

Support Levels

S1: 1.0842(61.8% Retracement level of 1.0954 to 1.0660)

S2: 1.0807 (July 21^st lows)

S3: 1.0772 (38.2% Retracement level)