The EUR/USD pair traded in lower range today in the early European session hitting as low as 1.0930 before rebounding towards1.0965 levels, further advance towards higher levels should be limited around 1.1040 levels as the euro is set to come under selling pressure soon as the Federal reserve is broadly expected to hike interest rate next week.
- Ahead in the American session Producer Price index followed by Retail Sales data is set to be released a positive print will be bullish for the greenback.
- To the upside, the strong resistance can be seen at 1.0994, a break above will take the pair towards next resistance level at 1.1044.
- To the downside immediate support can be seen at 1.0930 levels, a break below will open the door towards next level at 1.0882.
Recommendation: Go short around 1.1000, targets 1.0950, 1.0880, SL 1.1100
Resistance Levels
R1: 1.0994 (23.6% Retracement level)
R2: 1.1044 (Dec 9th high)
R3: 1.1090 (Oct 10th high)
Support Levels
S1: 1.0930 (38.2% Retracement level)
S2: 1.0882 (50% Retracement level)
S3: 1.0830 (61.8% Retracement level)
