The pair found renewed bearish momentum after breaking support at 1.0909 and is declining downwards to test next support level at 1.0853.
- The pair is trading around 1.0884 levels and it is expected decline further towards 1.0850 and 1.0800 levels in the short term.
- Short pullback around 1.0910 should be taken as selling opportunities, as Euro is weaker against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 1.0965, a break above this level would take it to upside to next resistance level at 1.1000 handle.
- To the downside immediate support can be seen at 1.0853, a break below this level will take the pair to next level at 1.0783 levels.
Recommendation: Go short around 1.0910, targets 1.0850, 1. 0800, SL 1.1000
Resistance Levels
R1: 1.0909 (50% Retracement level)
R2: 1.0965 (61.8% Retracement level)
R3: 1.1000 (Psychological levels)
Support Levels
S1: 1.0853 (38.2% Retracement level)
S2: 1.0783 (23.6% Retracement level)
S3: 1.0700 (Psychological levels)
