FxWirePro: EUR/USD key support at 1.1390, bullish in the short term

>The EUR/USD pair has continued to inch towards higher levels, as the US dollar is broadly sold across the board in the aftermath of yesterday's decision by Fed, which kept the interest rate decision on hold. As a result the major European currencies have continued to strengthen against dollar.

>Currently the currency pair is approaching support level at 1.1390. Support level at 1.1390 is set to block further weakness and initiate a rebound towards higher levels, Therefore, it is good to buy this pair around 1.1386.

>To the upside, the strong resistance can be seen at 1.1461, a break above this level would take the pair towards next resistance level at 1.1480 levels.

>To the downside immediate support can be seen at 1.1390, a break below this level will open the door towards 1.1350 (61.8% Retracement level).

Recommendation: Go long above 1.1390, targets 1.1450, 1.1480, SL 1.1300

Resistance Levels

R1: 1.1461 (Sep 18th high)

R2: 1.1480 (23.6% Retracement level)

R3: 1.1541 (Aug 26th high)

Support Levels

S1: 1.1390 (50% Retracement level)

S2: 1.1350 (61.8% Retracement level)

S3: 1.1282 (Sep 17th low)