FxWirePro: EUR/USD approaching resistance level at 1.0959, bullish in the short term

 

• The pair found renewed bullish momentum after breaking resistance at 1.0941 and is inching upwards to test resistance level at 10959.

• The pair is trading around 1.0951 levels and it is expected advance further towards 1.1000 and 1.1050 levels in the short term.

• Short pullback around 1.0940 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 1.0981 (23.6%Retracement level), a break above this level would take it to upside to next resistance level at 1.1000 handle.

• To the downside immediate support can be seen at 1.0924 (61.8% Retracement level), a break below this level will take the pair to next level at 1.0900 levels

 

Recommendation: Go long above 1.0940, targets 1.0990, 1. 1030, SL 1.0850

Resistance Levels

R1: 1.0959(38.2% Retracement level)

R2: 1.0981 (23.6%Retracement level)

R3: 1.1016 (July 21^st high)

Support Levels

S1: 1.0924 (61.8% Retracement level of 1.0867 and 1.1015)

S2: 1.0902

S3: 1.0866(July 22^nd lows)