FxWirePro: EUR/USD key resistance at 1.1005, sell deals are recommended below 1.0980

 

• The pair approaching minor resistance level at 1.0968. The pair found some bullish movement, after Euro CPI figures came positive and is moving upwards to test next resistance level located at 1.0005 (61.8% Retracement level), the resistance level 1.1006 is strong and it is expected to hold the bulls from advancing further.

• The pair is trading around 1.0971 levels and it is expected decline towards 1.1000 and 1.0950 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1006, a break above this level would take the pair towards next resistance level at 1.1035 (July 15^th high) levels.
• To the downside immediate support can be seen at 1.0931(38.2% Retracement level), a break below this level will open the door towards next level at 1.0884 levels.

Recommendation: Go short below 1.0980, targets 1.0940, 1. 0880, SL 1.1050

Resistance Levels

R1: 1.0991 (July 31^st high)

R2: 1.1006 (61.8% Retracement level of 1.1127 to 1.0806 )

R3: 1.1035 (July 15^th high)

Support Levels

S1: 1.0931 (38.2% Retracement level)

S2: 1.0884 (23.6% Retracement level)

S3: 1.0868 (July 22^nd lows)