EUR/USD retraces from 1.1189 highs reached in early Asia, trades range-bound as the single currency takes a breather from its recent upsurge
- The pair ticking lower, hit lows by 1.1129 and is currently trading at 1.1118, day's range 1.1189/1.1120
- Daily price action was rejected at Double-Top by 1.1214 on Wednesday, daily RSI is biased lower and is at overbought levels
- We see downward pressure in the near term and suggest selling rallies, bearish trend negated only on breaks above 1.1214
- Markets gear up for ECB July 16 monetary policy account due to be published later in the session
Recommendation: Sell rallies around 1.1125/30, SL: 1.1200, TP: 1.1020
Resistance Levels:
R1: 1.1199 (61.8% Fibo 1.1440-1.0808)
R2: 1.1214 (Double-Top)
R3: 1.1245 (Daily High Jun 30)
Support Levels:
S1: 1.1090 (55-Day MA)
S2: 1.1024 (Hourly Low Aug 12)
S3: 1.1003 (Tenkan-Sen)
