FxWirePro: EUR /USD key resistance at 1.0895, bearish in the short term

EUR /USD pair has rebounded against US dollar to trade around 1.0846 levels after US Service PMI data printed negative figures. However, Further advance is expected to be limited as the pair faces strong resistance at 1.0895 and it is expected to decline further towards 1.0800 and 1.0750 levels in the short term.Therefore, it's good to sell this pair on rallies.

• To the upside, the strong resistance can be seen at 1.0895, a break above will take the pair towards next resistance level at 1.0959.
   
• To the downside immediate support can be seen at 1.0817 levels, a break below will open gates towards 1.0744 levels.
  
  Recommendation: Go short around 1.0880, targets 1.0800, 1.0770, SL 1.0960
  
  Resistance Levels
  
  R1: 1.0863 (Session high)
  
  R2: 1.0895 (61.8% Retracement level)
  
  R3: 1.0959 (Dec 17th high)
  
  Support Levels
  
  S1: 1.0817 (50% Retracement level)
  
  S2: 1.0744 (38.2% Retracement level)
  
  S3: 1.0700 (Psychological levels)