EUR /USD has made short squeeze against US dollar by hitting high at 1.1371 during late Asian hours, after buyers stepped in for a short period of time. However, the gains were limited and the pair fell back towards 1.1315 levels after hitting minor resistance at 1.1371.
Support level at 1.1286 levels is set to hold the bears from falling further, and bring a rebound towards higher levels, therefore it's good to buy this pair above 1.1280 levels.
> To the upside, the strong resistance can be seen at 1.1354, a break above this level would take the pair towards next resistance level at 1.1373 levels.
To the downside immediate support can be seen at 1.1286 levels, a break below this level will open the door towards next level at 1.1250.
Recommendation: Go long above1.1290, targets 1.1320, 1.1350, SL 1.1215
Resistance Levels
R1: 1.1354 (38.2% Retracement level)
R2: 1.1373 (September 14th high)
R3: 1.1434 (23.6% Retracement level)
Support Levels
S1: 1.1286 (50% Retracement level)
S2: 1.1250 (September 11th lows)
S3: 1.1225 (61.8% Retracement level)
