Technicals

Add as a preferred source on Google

FxWirePro: EUR/USD outlook weaker on renewed downside pressure

The pair found renewed bearish momentum after breaking support at 1.1127 and is declining downwards to test next support level at 1.1072. The pair is trading around 1.1110 levels and it is expected decline further toward…

1 min read
EconoTimes — Reading the Times. Understanding the Future.

Read the original article

The pair found renewed bearish momentum after breaking support at 1.1127 and is declining downwards to test next support level at 1.1072. The pair is trading around 1.1110 levels and it is expected decline further towards 1.1050 and 1.1000 levels in the short term.

  • Short pullback around 1.1120 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 1.1127, a break above will take the pair towards next resistance level at 1.1187.
     
  • To the downside immediate support can be seen at 1.1072 levels, a break below will open gates towards 1.1000 levels.

    Recommendation: Go short around 1.1120, targets 1.1050, 1.1000, SL 1.1180

    Resistance Levels

    R1: 1.1127 (50% Retracement level)

    R2: 1.1187 (61.8% Retracement level)

    R3: 1.1240 (Feb 5th  highs)

    Support Levels

    S1: 1.1072 (38.2% Retracement level)

    S2: 1.1000 (Psychological levels)

    S3: 1.0950(Feb 3rd lows)

 

Related articles

View all
Technicals

Major Pair Currency Score: AUDUSD Bearish

EURUSD - Levels to watch - 1.100 GBPUSD Levels to watch - 1.3180 USDCHF Levels to watch - 0.8400 USDCAD - Levels to watch - 1.4300 AUDUSD - Levels to watch - 0.7000 NZDUSD - Levels to watch - 0.5560