- The EUR/USD has slipped lower towards 1.07961 levels, after sellers stepped. The pair is currently trading around 1.08350 and a slight pullback towards 1.0900 levels can be expected sooner or later.
- The ongoing bearish trend is set to continue for this pair as the resistance level at 1.0994 is likely to act as strong barrier to the bulls and bring further decline towards higher levels. Therefore, its good to sell this pair around 1.0860 levels.
- To the upside, the strong resistance can be seen 1.0900, a break above this level would take the pair towards next resistance level at 1.095/1.0980 levels.
- Overall trend reversal only above 1.100 level
- To the downside immediate support can be seen at 1.0769 levels, a break below this level will open the door towards next level at 1.0695.
Recommendation: Go Long around 1.0800, targets 1.0900, SL 1.0769
Resistance Levels
R1- 1.0870
R2 - 1.0908 (61.8% retracement of 1.09811 and 1.07961)
R3 - 1.0980 (Dec 3rd high)
Support
S1 - 1.0769 (34 day 4 HEMA)
S2 - 1.0734 (55 day 4 HEMA)
S3- 1.06938 (61.8% retracement of 1.0980 and 1.0520)
