FxWirePro: EUR/USD key support at 1.1234, bullish in the short term

EUR /USD pair slipped to lower levels in early European session after German industrial output posted its steepest drop in the year. However, the pair managed to recover after hitting strong support level at 1.1234 and is inching towards resistance level located at 1.1289. Any decline should be limited around 1.1180 levels as this area is strongly defended by the bulls. Therefore it's good buy this pair above 1.1200 levels.

• To the upside, the strong resistance can be seen at 1.1318 (Oct 2nd high), a break above this level would take the pair towards next resistance at 1.1354.
   
• To the downside immediate support can be seen at 1.1234 levels, a break below this level will open the door towards next level at 1.1180.
  
  Recommendation: Go long above 1.1200, targets 1.1270, 1.1320, SL 1.1250
  
  Resistance Levels
  
  R1: 1.1288 (38.2% Retracement level)
  R2: 1.1318 (Oct 2nd high)
  R3: 1.1354 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.1234 (50% Retracement level)
  S2: 1.1180 (61.8% Retracement level)
  S3: 1.1150 (Oct 2nd lows)