FxWirePro: EUR/USD approaching support level at 1.1026, bullish in the short term

 

 

• The pair has retreated to test support level at 1.1026 (61.8% Retracement level), the support level at 1.1026 is set to hold the bears and push the pair further up in the short term .

• The pair is trading around 1.1034 levels and it is expected advance towards 1.1070 and 1.1120 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1090, a break above this level would take the pair towards next resistance level at 1.1120 levels.

• To the downside immediate support can be seen at 1.1026, a break below this level will open the door towards next level at 1.1000 levels

 

Recommendation: Go long above 1.1025, targets 1.1070, 1. 1120, SL 1.0950

Resistance Levels

R1: 1.1058 (July 27^th lows)

R2: 1.1090 (38.2% Retracement level)

R3: 1.1131 (23.6% Retracement level)

Support Levels

S1: 1.1026 (61.8% Retracement level of 1.0921 and 1.1195)

S2: 1.1000 (July 9^th lows)

S3: 1.0921 (July 24^th lows)