FxWirePro: EUR/USD regains upwards momentum but bias remains bearish

EUR/USD declined sharply lower after European Central bank hinted  further stimulus in today's ECB press conference that hurt Euro bulls. ECB president Mario Draghi said turmoil in financial markets and concerns over China and other emerging markets will prompt a March review, immediately after the comments the pair slipped sharply to hit low at 1.0805 levels. 

• Any upside is expected to be limited around 1.0950 levels as the resistance level at 1.0980 is set to act as strong barrier to bulls and initiate a bearish momentum towards 1.0800 and later towards 1.0750 levels. Therefore, it's good to sell this pair around 1.0960 levels.
   
• To the upside, the strong resistance can be seen at 1.0977, a break above this level would take the pair towards next resistance level at 1.1000.
   
• To the downside immediate support can be seen at 1.0876, a break below this level will open the door towards next level at 1.0806.
  
  Recommendation: Go short around 1.0960, targets 1.0900, 1.0850, SL 1.1050
  
  Resistance Levels
  
  R1: 1.0928 (50% Retracement level)  
  
  R2: 1.0977 (61.8% Retracement level)
  
  R3: 1.1000 (Psychological levels)
  
  Support Levels
  
  S1: 1.0876 (38.2% Retracement level)
  
  S2: 1.0806 (Nov 30th   lows)
  
  S3: 1.0777 (23.6% Retracement level)