EUR /USD pair made some gains against US dollar in today's European session after buyers stepped in, however, the gains should limited around 1.1029 levels and the pair is set to decline towards 1.0840 levels as resistance level at 1.1029 levels is set to hold the bulls from advancing further, and send the pair downwards, therefore it's good to sell this pair around 1.0980.
- To the upside, the strong resistance can be seen at 1.0978, a break above this level would take the pair towards next resistance level at 1.1029 levels.
- To the downside immediate support can be seen at 1.0943 levels, a break below this level will open the door towards next level at 1.0893
Recommendation: Go short below 1.0980, targets 1.0940, 1.0850, SL 1.1070
Resistance Levels
R1: 1.0978 (Daily highs)
R2: 1.1029 (38.2% Retracement level)
R3: 1.1095 (50% Retracement level)
Support Levels
S1: 1.0943(23.6 % Retracement level)
S2: 1.0893 (Oct 29th low)
S3: 1.0850 (Aug 5th lows)
