FxWirePro: EUR/USD key resistance at 1.0980, downside prevails in the short term

The Euro inched higher against dollar in early European session after demand for low yielding currencies like euro increased as the risk sentiment increased in the market.

• However, uptrend was short lived as the pair slipped to hit low at 1.0889 before recovering to trade around 1.0918 levels after weak US CPI data in the early US session.
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• To the downside immediate support can be seen at 1.0874, a break below this level will open the door towards next level at 1.0856.
   
• To the upside, the strong resistance can be seen at 1.0980, a break above this level would take the pair towards next resistance level at 1.1000.
  
  Recommendation: Go short around 1.0960, targets 1.0900, 1.0850, SL 1.1050
  
  Resistance Levels
  
  R1: 1.0930 (50 % Retracement level)
  
  R2: 1.0980 (61.8 % Retracement level)
  
  R3: 1.1000 (Psychological levels)
  
  Support Levels
  
  S1: 1.0874 (38.2% Retracement level)
  
  S2: 1.0856 (Jan 19th lows)
  
  S3: 1.0812 (23.6% Retracement level)