FxWirePro: EUR/USD approaching resistance level at 1.1002, bullish in the short term

 

 

• The pair found renewed bullish momentum after breaking daily resistance at 1.0915 and is inching upwards ever since, currently the pair is trying to break resistance level at 1.1002.

• The pair is trading around 1.0990 levels and it is expected advance further towards 1.1040 and 1.1080 in the short term.

• Short pullback around 1.0970 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 1.1048, a break above this level would take it to upside to next resistance level at 1.1080 handle.

• To the downside immediate support can be seen at 1.0965, a break below this level will take the pair to next level at 1.0927 (61.8% Retracement level).

 

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

Resistance Levels

R1: 1.0002(38.2% Retracement level)

R2: 1.1048 (23.6%Retracement level)

R3: 1.1081 (July 14^th high)

Support Levels

S1: 1.0965

S2: 1.0927 (61.8% Retracement level of 1.0806 to 1.1123)

S3: 1.0866(July 22^nd lows)