The pair has continued to inching higher against US dollar after Wednesday's dovish Fed meetings. The pair has broken resistance at 1.1275 levels and is all set to test resistance level at 1.1327. Euro is expected to remain stronger against US dollar in the short term , as the pair is trading above demand level 1.1250 price action. The pair is set to advance further towards 1.1350 and 1.1380 in the short term.
- To the upside, the strong resistance can be seen at 1.1327 (23.6% Retracement level), a break above this level would take the pair towards next resistance level at 1.1347(June 10th high).
- To the downside immediate support can be seen at 1.1275 (32.8% Retracement level), a break below this level will open the door towards next level at 1.1222 (50% Retracement level).
Recommendation: Go long above 1.1280, targets 1.1330, 1. 1350, SL 1.1200
Resistance Levels
R1: 1.1304(Aug 21st high)
R2: 1.1327 (23.6% Retracement level)
R3: 1.1347(June 10th high)
Support Levels
S1: 1.1275 (32.8% Retracement level)
S2: 1.1222 (50% Retracement level)
S3: 1.1167 (61.8% Retracement level)
