FxWirePro: EUR/USD key resistance at 1.1213, sell deals are recommended around 1.1200

 

• EUR /USD slipped towards 1.1085 levels, after dovish ECB meeting yesterday, since then The EUR/USD pair has recovered to trade around 1.1139 levels and is attempting to break resistance level at 1.1147 and move to higher levels. The overall outlook of this pair looks bearish in the long term, therefore its good to sell this pair on rallies near strong resistance zone.

• To the upside, the strong resistance can be seen at 1.1176 (50% Retracement level), a break above this level would take the pair towards next resistance level at 1.1213(61.8% Retracement level).

• To the downside immediate support can be seen at 1.1095 (23.6% Retracement level), a break below this level will open the door towards next level at 1.1047 (Aug 8^th lows).

Recommendation: Go short below 1.1170, targets 1.1130, 1.1080, SL 1.1260

Resistance Levels

R1: 1.1140 (38.2% Retracement level)

R2: 1.1176 (50% Retracement level)

R3: 1.1213(61.8% Retracement level of 1.1331 and 1.1022)

Support Levels

S1: 1.1095 (23.6% Retracement level)

S2: 1.1047 (Aug 8^th lows)

S3: 1.1022 (Aug 19^th lows)