- The Euro has consolidate above 38.2 fib levels at 1.1220, and is moving to test next résistance levels at 1. pair has started to show some bullish momentum after weak ISM manufacturing data released from US market, the pair is set to break résistance level and 1.1284 and move to higher levels, as the euro is stronger across the board against US dollar in the short term.
- To the upside, the strong resistance can be seen at 1.1304, a break above this level would take the pair towards next resistance level at 1.11361 levels.
- To the downside immediate support can be seen at 1.1220 levels , a break below this level will open the door towards next level at 1.1180
Recommendation: Go long above 1.1220, targets 1.1280, 1.1320, SL 1.1150
Resistance Levels
R1: 1.1285 (50% Retracement level)
R2: 1.1264 (Aug 31stth high)
R3: 1.1304(Aug 28th high)
Support Levels
S1: 1.1220 (38.2% Retracement level)
S3: 1.1140 (23.6% Retracement level)
