FxWirePro: EUR/USD key resistance at 1.0890, buy deals are recommended above 1.0920

 

• The pair has rebounded after testing support level at 1.0927 and is bouncing above to reach resistance level at 1.1048.

• The pair is trading around 1.0951 levels and it is expected advance towards 1.0980 and 1.1130 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1002(32.8% Retracement level), a break above this level would take the pair towards next resistance level at 1.1045(23.6% Retracement level).

• To the downside immediate support can be seen at 1.0927(61.8% Retracement level), a break below this level will open the door towards next level at 1.0881 (Aug 6^th lows).

Recommendation: Go long above 1.0920, targets 1.0980, 1. 1130, SL 1.0850

Resistance Levels

R1: 1.1045(23.6% Retracement level)

R2: 1.1002(32.8% Retracement level of 10805 to 1.1130 levels)

R3: 1.0985(July 21st high)

Support Levels

S1: 1.0927 (61.8% Retracement level)

S2: 1.0881 (Aug 6^th lows)

S3: 1.0846 (Aug 5^th lows)