FxWirePro: EUR/USD reverses recent rally, bias back to downside

EUR/USD declined from 4 month high on Wednesday after Federal Reserve Chair yellen said the US central bank has not taken off March interest rate hike plan off the table. The pair extended its decline from earlier European session to hit low at 1.1153 level before recovering toward 1.1251 levels in the late US session. 

• Further upside is expected to be limited as the pair faces strong resistance at 1.0930 and it is expected to decline  further towards 1.1120 and 1.1050 levels in the short term it's good to sell this pair on rallies.
   
• To the upside, the strong resistance can be seen at 1.1300, a break above will take the pair towards next resistance level at 1.1355.
   
• To the downside immediate support can be seen at 1.1192 levels, a break below will open gates towards 1.1159 levels.
  
  Recommendation: Go short around 1.1280, targets 1.1200, 1.1150, SL 1.1355
  
  Resistance Levels
  
  R1: 1.1266 (38.2% Retracement level)
  
  R2: 1.1300 (Psychological levels)
  
  R3: 1.1355 (23.6% Retracement level)
  
  Support Levels
  
  S1: 1.1192 (50% Retracement level)
  
  S2: 1.1159 (Daily lows)
  
  S3: 1.1126 (61.8% Retracement level)