- EUR /USD rebounded from 1.0964 levels to hit daily high at 1.1042. The pair has retreated back and is set to resume its bearish trend in the short term.
- The pair is currently trading around 1.1018 levels. It is expected decline further towards 1.1000 and later 1.0950.
- Short rally around 1.040 should be taken as advantage for selling opportunities, as Euro is weak against the US dollar in the short term.
- To the upside, the strong resistance can be seen at 1.1064, a break above this level would take it to upside to next resistance level at 1.1100(61.8% Retracement level).
- To the downside immediate support sits at 1.1000, a break below this level will take the pair to next level at 1.0985 (23.6% Retracement level).
Recommendation: Go short below 1.1029, targets 1.0985, 1. 0960, SL 1.1130
Resistance Levels
R1: 1.1029 (38.2% Retracement level)
R2: 1.1064
R3: 1.1100 (61.8% Retracement level of 1.1215 to 1.0914)
Support Levels
S1: 1.1000
S2: 1.0985(23.6% Retracement level)
S3: 1.0960
