FxWirePro: EUR/USD approaching support level at 1.1031, buy deals are recommended above 1.0990

 

• The pair found bullish momentum yesterday and closed above 1.1000 psychological levels , its is expected to continue its bullish momentum further in the short term.

• The pair is trading around 1.1034 levels and it is expected advance towards 1.1060 and 1.1100 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1061(July 27^th lows), a break above this level would take the pair towards next resistance level at 1.1100 handle.

• To the downside immediate support can be seen at 1.1031 (61.8% Retracement level), a break below this level will open the door towards next level at 11.0989 (July 30 lows).

Recommendation: Go long above 1.0990, targets 1.1050, 1. 1090, SL 1.0890

Resistance Levels

R1: 1.1045 (Aug 11^th high)

R2: 1.1061(July 27^th lows)

R3: 1.1078(July 30th high)

Support Levels

S1: 1.1031 (61.8% Retracement level of 10850 to 1.1125 levels)

S2: 1.0989 (July 30 lows)

S3: 1.0957 (32.8% Retracement level)