FxWirePro: EUR/USD key resistance at 1.0852, bearish in the short term

The EUR/USD pair opened today with gap and started to decline in the Asian session, as the euro was broadly sold across the board in the aftermath Paris atrocities. As a result the major European currencies also have continued to weaken. 

• Currently the pair is trying approach resistance level at 1.0779 levels. Resistance levels at 1.0779 are set to hold further advance for this pair and initiate a bearish momentum towards lower levels. Therefore, it is good to sell this pair around 1.0770.
   
• To the upside, the strong resistance can be seen at 1.0779, a break above this level would take the pair towards 1.0852 levels.
• To the downside immediate support can be seen at 1.0704, a break below this level will open the door towards next level at 1.0670.

Recommendation: Go short around 1.0770, targets 1.0710, 1.0670, SL 1.0850

Resistance Levels

R1: 1.0779 (23.6% Retracement level)

R2: 1.0817 (Nov 13th high)

R3: 1.0852 (61.8 % Retracement level)

Support Levels

S1: 1.0704 (38.2 % Retracement level)

S2: 1.0670 (Nov 10 lows)

S3: 1.0607 (23.6% Retracement level)