FxWirePro: EUR/USD breaks key resistance at 1.1070, bearish in the near term

 

• EUR/USD bounced from 1.1000 level, and is trying to test resistance level 1.1090(61.8% Retracement level).

• The pair is currently trading around 1.1090 level. It is expected decline further towards 1.1000 and later 1.0950 level.

• Short rally around 1.1100 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 found at 1.1090 (61.8% Retracement level).A break above this level would take it to upside to next resistance level at 1.1150.

• To the downside Strong support sits at 1.1038 (23.6% Retracement level),a break below this level will take the pair to next level at 1.1038 (23.6% Retracement level).

Recommendation: Go short below 1.1100, targets 1.1000 1.0950, SL 1.1150

Resistance Levels

R1: 1.1090(61.8% Retracement level)                     

R2: 1.1110 (July 3^rd high)

R3: 1.1150  

Support Levels

S1: 1.1038 (23.6% Retracement level)

S2: 1.1023           

S3: 1.1006 (38.2% Retracement level)