FxWirePro: EUR/USD key resistance at 1.1571, upside prevails in the short term

 

 

• The Euro has continued to inching higher against US dollar as investors have choosed euro as safe bet over dollar, due to growing skeptism about Chinese economy and global risk sentiment. The pair has skyrocketed to trade above 1.1500 psychological levels.

• Euro is expected to remain stronger against US dollar in the short term , as the pair is trading above demand level 1.1450 price action pair is set advance further towards 1.1550 and 1.15580 in the short term.

• To the upside, the strong resistance can be seen at 1.15571 (23.6% Retracement level), a break above this level would take the pair towards next resistance level at 1.1600 (Psychological levels).

• To the downside immediate support can be seen at 1.1472 (50% Retracement level), a break below this level will open the door towards next level at 1.1403 (61.8% Retracement level).

 

Recommendation: Go long above 1.1470, targets 1.1550, 1. 1580, SL 1.1380

Resistance Levels

R1: 1.1528 (Feb 3^rd high)

R2: 1.1571(23.6% Retracement level)

R3: 1.1600( Psychological level)

Support Levels

S1: 1.1452 (50% Retracement level)

S2: 1.1403 (61.8% Retracement level)

S3: 1.1167 (May 7th lows)