FxWirePro: EUR/USD key resistance at 1.1060, downside prevails in the short term

The Euro declined against dollar in European session after the pair failed to break resistance at 1.1065. The euro slipped more than 350 pips by hitting low at 1.0994 after ECB signaled its next move on Friday. Currently the pair is trading below daily pivot point level at 1.1016 and the pair has broken the long term strong levels at 1. intraday trend for this pair remains bearish. Therefore it's good to sell this pair on rallies.

• To the upside, the strong resistance can be seen at 1.1060, a break above this level would take the pair towards next resistance level at 1.1143 levels.
• To the downside immediate support can be seen at 1.1261 (38.2 % Retracement level), a break below this level will open the door towards next level at 1.1229.

Recommendation: Go short below 1.1060, targets 1.1000, 1.0950, SL 1.1390

Resistance Levels

R1: 1.1010 (50% Retracement level)
R2: 1.1060 (50% Retracement level)
R3: 1.1143 (Oct 23rd high)

Support Levels

S1: 1.0995 (October 23rd lows)
S2: 1.0963 (38.2 % Retracement level)
S3: 1.0900 (23.6% Retracement level)