EUR /USD pair slipped lower against US dollar by hitting low at 1.1023 during early European hours. However, the pair has made a short squeeze back to trade at 1.1084 levels after US session opened. The resistance level at 1.1206 is set to hold the bulls from advancing further, and bring a decline towards lower levels, therefore it's good to sell this pair on rallies.
- To the upside, the strong resistance can be seen at 1.1370, a break above this level would take the pair towards next resistance at 1.1400 (Psychological level).
- To the downside immediate support can be seen at 1.1315 levels, a break below this level will open the door towards next level at 1.1270.
Recommendation: Go short below 1.1180, targets 1.1120, 1.0990, SL 1.1270
Resistance Levels
R1: 1.1125 (38.2% Retracement level)
R2: 1.1214 (50% Retracement level)
R3: 1.1300 (61.8% Retracement level)
Support Levels
S1: 1.1015 (23.6% Retracement level)
S2: 1.0920 (Aug 10th lows)
S3: 1.0843 (Aug 5th lows)
