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

 

• The pair has retreated below daily resistance in the European session after hitting daily highs at 1.0963, the pair has to close below 1.0810 in order to resume downward momentum. Unless and until it trades above 1.0810 levels the pair remains under bulls control.

• The pair is currently trading around 1.0901 levels and it is expected advance further towards 1.0980 and 1.1040 in the short term.

• Short pullback around 1.0840 should be taken as buying opportunities, as Euro is stronger against the US dollar in intraday trading.

• To the upside, the strong resistance can be seen at 1.0977, a break above this level would take it to upside to next resistance level at 1.1033.

• To the downside immediate support can be seen at 1.0912 (38.2% Retracement level), a break below this level will take the pair to next level at 1.0872 (23.6%Retracement level).

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Recommendation: Go long above 1.0840, targets 1.0980, 1. 1030, SL 1.0780

Resistance Levels

R1: 1.0945

R2: 1.0977 (61.8 % Retracement level)

R3: 1.1033 (July 15^th high)

Support Levels

S1: 1.0912 (38.2% Retracement level)

S2: 1.0872 (23.6%Retracement level)

S3: 1.0809 (July 21^st lows)