FxWirePro: EUR/USD key resistance at 1.0895, sell deals are recommended below 1.0890

 

• The pair is approaching resistance level at 1.00874. The pair found some bullish movement, after hitting  support level at 1.0848 level and is moving upwards to test next resistance level located at 1.0874(38.2% Retracement level), the resistance level 1.0896 is strong and it is expected to hold the bulls and bring  another decline shortly.

• The pair is trading around 1.0870 levels and it is expected decline towards 1.0845 and 1.0805 levels in the short term.

• To the upside, the strong resistance can be seen at 1.0915 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 1.1035 (July 15^th high).

• To the downside immediate support can be seen at 1.0847 (23.6% Retracement level), a break below this level will open the door towards next level at 1.0820 (July 19^th lows).

Recommendation: Go short below 1.0890, targets 1.0840, 1. 0805, SL 1.0980

Resistance Levels

R1: 1.0875 (38.2% Retracement level)

R2: 1.0895 (50 % Retracement level)

R3: 1.0915 (61.8% Retracement level of 1.0985 to 1.0805)

Support Levels

S1: 1.0847 (23.6% Retracement level)

S2: 1.0820 (July 19^th lows)

S3: 1.0805 (July 20^th lows)