FxWirePro: EUR/USD key resistance at 1.1288, sell deals are recommended around 1.1315

The Euro has failed to consolidate above 38.2 fib levels at 1.1282, and has slipped sharply towards 1.1260 levels. The pair has started to continue its bearish momentum and is all set to test strong support at 1.1184, a break below will take the pair towards 1.1100 levels.

• The EUR/USD pair has broken 1.1288 38.2% fib retracement level, the pair is all set to decline further towards 1.1240 and 1.1180 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1361 (50% Retracement level), a break above this level would take the pair towards next resistance level at 1.1448.

• To the downside immediate support can be seen at 1.1240(Aug 21st lows), a break below this level will open the door towards next level at 1.1184 (23.6% Retracement level).

Recommendation: Go short below 1.1315, targets 1.1250, 1.1200, SL 1.1475

Resistance Levels

R1: 1.1361 (50% Retracement level)

R2: 1.1448 (61.8% Retracement level of 1.1716 and 1.1013)

R3: 1.1561(Aug 26th high)

Support Levels

S1: 1.1288 (38.2% Retracement level)

S2: 1.1240(Aug 21st lows)

S3: 1.1184 (23.6% Retracement level)