FxWirePro: EUR/USD key resistance at 1.0688, downside prevails in the short term

The pair slipped lower in the early European session after Eurozone CPI figures printed negative figures, and further bearish pressure was exerted towards 1.0580 levels, after the US ADP Employment data printed positive reading. 

• Currently the pair has made short pull back after hitting 1.0578 support level. However, any upward movement for the pair should be limited around 1.0620 levels as the strong resistance located at 1.00646 is likely to defend against the bulls and send the pair further towards downside.
• 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 1.0688 levels.
• To the downside immediate support can be seen at 1.0613 levels, a break below this level will open the door towards next level at 1.0578.

Recommendation: Go short below 1.0620, targets 1.0560, 1.0500, SL 1.0720

Resistance Levels

• R1: 1.0648 (61.8% Retracement level)
• R2: 1.0688 (Nov 25th high)
• R3: 1.0700 (Psychological levels)

Support Levels

• S1: 1.0613 (50% Retracement level)
• S2: 1.0578 (38.2% Retracement level)
• S3: 1.0535 (23.6% Retracement level)