FxWirePro: EUR/USD key resistance at 1.1176, sell deals are recommended around 1.1160

 

 

• EUR /USD pair rallied in the late Asian market, but has turned back after failing to break 50% fib retracement level at 1. the pair is attempting to break 1.1138 support level. The overall outlook of this pair looks bearish in the short term, sooner or later the pair is set to break support level at 1.1140 levels and resume its weakness to test support level at 1.095, therefore sell deals are recommended below 1.1170.

• To the upside, the strong resistance can be seen at 1.1176 (50% Retracement level), a break above this level would take the pair towards next resistance level at 1.1213(61.8% Retracement level).

• To the downside immediate support can be seen at 1.1140 (38.2% Retracement level), a break below this level will open the door towards 1.1094 levels.

 

Recommendation: Go short below 1.1170, targets 1.1130, 1.1080, SL 1.1260

Resistance Levels

R1: 1.1176 (50% Retracement level)

R2: 1.1213(61.8% Retracement level of 1.1331 and 1.1022)

R3: 1.1242(Sep 3^rd high)

Support Levels

S1: 1.1140 (38.2% Retracement level)

S2: 1.1120(Sep 7^th lows)

S3: 1.1094 (23.6% Retracement level)