EUR/USD pair has rebounded to trade around 1.0917 levels after Chicago Fed National Activity data printed negative figures at -30. However, further advance is expected to be limited as the pair faces strong resistance at 1.0961 and it is expected to decline further towards 1.0900 and 1.0850 levels in the short term.
- To the upside, the strong resistance can be seen at 1.0961, a break above will take the pair towards next resistance level at 1.0000.
- To the downside immediate support can be seen at 1.0904 levels, a break below will open gates towards 1.0849 levels.
Recommendation: Go short around 1.0940, targets 1.0890, 1.0850, SL 1.0000
Resistance Levels
R1: 1.0920 (Session high)
R2: 1.0961 (61.8% Retracement level)
R3: 1.0000 (Psychological Levels)
Support Levels
S1: 1.0904(50% Retracement level)
S2: 1.0849 (38.2% Retracement level)
S3: 1.0803 (Dec 18th lows)
