FxWirePro: EUR/USD breaks Support at 1.1030, bearish in the short term

• 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