FxWirePro: EUR/USD key resistance at 1.1404, bearish in the short term
The EUR/USD pair has continued to decline, as the euro is broadly sold across the board ahead of Thursdays ECB meeting wherein, ECB is set to continue its stimulus programme. The pair is trading below daily pivot point l…
The EUR/USD pair has continued to decline, as the euro is broadly sold across the board ahead of Thursdays ECB meeting wherein, ECB is set to continue its stimulus programme. The pair is trading below daily pivot point located at 1.1355 and is fast approaching towards immediate support level located at 1.1327. The pair is expected to fall further towards levels 1.1280 levels and later towards 1.1250 levels in the short term. Therefore is good to sell this pair on rallies.
To the upside, the strong resistance can be seen at 1.1404, a break above this level would take the pair towards next resistance at 1.1444 (Sep 17th high).
To the downside immediate support can be seen at 1.1327 levels, a break below this level will open the door towards next level at 1.1280.
Recommendation: Go short below 1.1360, targets 1.1280, 1.1250, SL 1.1440
