FxWirePro: EUR/USD key resistance at 1.0967, sell deals are recommended below 1.0940

 

• The pair is attempting to test resistance level at 1.0967. The pair is trading in a very choppy range, ahead of Non-farm payrolls, moving between 1.0900 and 1.0940 levels. The market is awaiting non-farm payrolls data shortly, therefore traders should trade this pair with caution.

• The pair is trading around 1.0921 levels and it is expected decline towards 1.0900 and 1.0850 levels in the short term.

• To the upside, the strong resistance can be seen at 1.0967 (July 21^st high), 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 1.0915(61.8% Retracement level), a break below this level will open the door towards next level at 1.0871 (38.2% Retracement level).

Recommendation: Go short below 1.0940, targets 1.0880, 1. 0850, SL 1.140

Resistance Levels

R1: 1.0940 (Aug 6^th high)

R2: 1.0967 (July 21^st high)

R3: 1.0985(Aug 4^th high)

Support Levels

S1: 1.0915(61.8% Retracement level of 1.0985 to 1.0805)

S2: 1.0893 (July 30th lows)

S3: 1.0871 (38.2% Retracement level)