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 1.0900 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 short around 1.0900, targets 1.0850, 1. 0800, SL 1.1000

Resistance Levels

R1: 1.0925 (50% Retracement level)

R2: 1.0981 (23.6%Retracement level)

R3: 1.1016 (July 21st high)

Support Levels

S1: 1.0875(38.2% Retracement level)

S2: 1.0840 (Aug 5th lows)

S3: 1.0812(23.6% Retracement level)