FxWirePro: EUR/USD sell below 1.0900, bearish in the short term
EUR /USD bulls failed to close above resistance level at 1.0915. The pair is all set to resume its bearish downward trend in the coming session. The pair is currently trading around 1.0880 levels. It is expected decline …
The pair is currently trading around 1.0880 levels. It is expected decline further towards 1.0850 and later 1.0820.
Short rally around 1.0900 should be taken as advantage for selling opportunities, as Euro is weak against the US dollar in the short term.
To the upside, the strong resistance can be seen at 1.0900, a break above this level would take it to upside to next resistance level at 1.0950(61.8% Retracement level).
To the downside immediate support sits at 1.0868, a break below this level will take the pair to next level at 1.0820 (23.6% Retracement level).
Recommendation: Go short below 1.0890, targets 1.0850, 1. 0820, SL 1.1100
Resistance Levels
R1: 1.0899 (38.2% Retracement level)
R2: 1.0924
R3: 1.0950(61.8% Retracement level of 1.1030 to 1.0818)
