FxWirePro: EUR/USD key resistance at 1.1240, sell deals are recommended below 1.1230

>EUR /USD pair has made a short squeeze towards 1.1216 levels, after Pending Home Sales released from US market printed negative figures. However, the gains should be limited around 1.1230 levels as the strong resistance level at 1.1240 is expected to block the pair from advancing further. Therefore its good sell this pair below 1.1220 levels.

>To the upside, the strong resistance can be seen at 1.1240 (61.8% Retracement level), a break above this level would take the pair towards next resistance level at 1.1294.

>To the downside immediate support can be seen at 1.1080 levels, a break below this level will open the door towards next level at 1.1144.

Recommendation: Go short below 1.1240, targets 1.1180, 1.11140, SL 1.1340

Resistance Levels

R1: 1.1210 (50% Retracement level)

R2: 1.1240 (61.8% Retracement level)

R3: 1.1294 (Sep 24st high)

Support Levels

S1: 1.1180 (38.2% Retracement level)

S2: 1.1064 (Sep 24th lows)

S3: 1.1144 (23.6% Retracement level)