FxWirePro: EUR/USD rallies towards 1.0940 levels, but reversal is likely

EUR /USD pair advanced against US dollar in today's European session after buyers stepped in, following plunge in US durable goods orders supported the view of weaker US gross domestic product data due on Friday.
However, the gains should be limited as the resistance level at 1.0980 levels should limit upside and bring a decline towards lower levels, therefore it's good to go short around 1.0980 levels.
To the upside, the strong resistance can be seen at 1.0693, a break above this level would take the pair towards next resistance level at 1.0765.
To the downside immediate support can be seen at 1.0601 levels, a break below this level will open the door towards next level at 1.0550.

Recommendation: Go short around 1.0980, targets 1.0930, 1.0880, SL 1.1060

Resistance Levels

R1: 1.0980 (61.8% Retracement level)

R2: 1.1000 (Psychological levels)

R3: 1.1057 (Dec 12th high)

Support Levels

S1: 1.0930 (50% Retracement level)

S2: 1.0873 (38.2% Retracement level)

S3: 1.0806(23.6% Retracement level)

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