FxWirePro: EUR/USD key resistance at 1.0648, downside prevails in the short term

The Euro declined against dollar in European session after the pair failed to break resistance at 1.1065. The euro slipped more than 50 pips by hitting low at 1.00571 after bunch of economic data released zone failed to impress the bulls. 

• Currently the pair is trading below daily pivot point level at 1.0615 and the pair has broken the psychological support levels at 1.0600 indicating more bearish trend for this pair. Therefore it's good to sell this pair on rallies.
   
• To the upside, the strong resistance can be seen at 1.0648, a break above this level would take the pair towards next resistance level at 1.0700 levels.
   
• To the downside immediate support can be seen at 1.0570, a break below this level will open the door towards next level at 1.0535.

Recommendation: Go short below 1.0620, targets 1.0540, 1.0500, SL 1.680

Resistance Levels

R1: 1.0580 (38.2% Retracement level)

R2: 1.0613 (50% Retracement level)

R3: 1.0648 (61.8% Retracement level)

Support Levels

S1: 1.0570 (Nov 25th lows)

S2: 1.0535 (23.6% Retracement level)

S3: 1.0500 (Psychological levels)