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 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)