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The EUR/USD pair is trading slightly higher, from Fridays close, currently its approaching resistance level at 1.1229, a break at that level will take the pair towards 1.1263(Aug 31st high) pair is set to resume its bearish momentum sooner, hence its good to sell around 1.1263 levels.
- 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 1.11361levels.
- To the downside immediate support can be seen at 1.1208 (50% Retracement level), a break below this level will open the door towards next level at 1.1148 (38.2% Retracement level).
Recommendation: Go short below 1.1265, targets 1.1190, 1.1150, SL 1.1375
Resistance Levels
R1: 1.1228 (61.8% Retracement level of 1.1362 and 1.1013)
R2: 1.1264 (Aug 31stth high)
R3: 1.1304(Aug 28th high)
Support Levels
S1: 1.1208 (50% Retracement level)
S2: 1.1148 (38.2% Retracement level)
