The pair has found renewed bullish momentum after breaking strong resistance at 1.0960 and is moving upwards to test next resistance level at 1.1040.
- The pair is trading around 1.1025 levels and it is expected advance further towards 1.0120 and 1.0200 levels in the short term.
- Short pullback around 1.0980 should be taken as buying opportunities, as Euro is stronger against the US dollar in intraday trading.
- To the upside, the strong resistance can be seen at 1.1073, a break above this level would take it to upside to next resistance level at 1.1122 handle.
- To the downside immediate support can be seen at 1.1011, a break below this level will take the pair to next level at 1.0900 levels.
Recommendation: Go long around 1.0980, targets 1.1120, 1. 1180, SL 1.0900
Resistance Levels
- R1: 1.1040 (Daily high)
- R2: 1.1073 (Feb 26th high)
- R3: 1.1122 (38.2 % Retracement Level)
Support Levels
- S1: 1.1011 (50 % Retracement Level)
- S2: 1.0960 (Feb 24th lows)
- S3: 1.0900 (61.8 % Retracement Level)
