FxWirePro: EUR/USD key resistance at 1.1005, sell deals are recommended below 1.0970

 

• The pair is approaching minor resistance level at 1.0963. The resistance level located at 1.0005 is strong and it is expected to hold the bulls from advancing further.

• The pair is trading around 1.0958 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 1.1002, a break above this level would take the pair towards next resistance level at 1.1050 levels.

• To the downside immediate support can be seen at 1.0928(38.2% Retracement level), a break below this level will open the door towards next level at 1.0900 levels.

Recommendation: Go short below 1.0970, targets 1.0940, 1. 0880, SL 1.1050

Resistance Levels

R1: 1.0967 (July 21^st high)

R2: 1.1004 (61.8% Retracement level of 1.1125 to 1.0804)

R3: 1.1015 (July 23^rd high)

Support Levels

S1: 1.0928 (38.2% Retracement level)

S2: 1.0900 (July 30^th lows)

S3: 1.0868 (23.6% Retracement level)