FxWirePro: EUR/USD key resistance level at 1.0981, bearish in the short term

• The pair found renewed bearish momentum after breaking support at 1.0925 and is declining downwards to test next support level at 1.0875.
  
  
• The pair is trading around 1.0899 levels and it is expected decline further towards 1.0850 and 1.0800 levels in the short term.
  
  
• Short pullback around 1.0940 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 1.0981, 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 1.0875, a break below this level will take the pair to next level at 1.0840 levels.

Recommendation: Go long short around 1.0940, targets 1.0870, 1. 0800, SL 1.1000

Resistance Levels

R1: 1.0925 (50% Retracement level)

R2: 1.0981 (23.6%Retracement level)

R3: 1.1016 (July 21^st high)

Support Levels

S1: 1.0875(38.2% Retracement level)

S2: 1.0840 (Aug 5^th lows)

S3: 1.0812(23.6% Retracement level)