The EUR/USD pair inched higher towards as 1.0914 levels in the early the US session as the pair attracted buyers after bunch of US economic data printed negative figures. The pair continues to remain in bearish tone, despite the euro gaining some ground against greenback in the early US trading hours.
- Technically short term picture depicts more bearish trend for this pair, as the RSI in the 4 hour chart is indicating downwards at 49, the 55 30 and 20 MA are also pointing towards downwards. Overall the technical indicators are depicting more downside for this pair.
- To the upside, the strong resistance can be seen at 1.0890, a break above this level would expose the pair to next resistance level at 1.0850levels.
- To the downside strong support can be seen at 1.0800, a break below at this level will open the door towards next level at 1.0980.
Recommendation: Go short around 1.0950, targets around 1.0850/1.0800, SL 1.1000
Support levels: 1.0890, 1.0850, 1.0820
Resistance levels: 1.0954, 1.0980, 1.1000
