EUR/USD has made modest gain in the US Session after negative ISM non-manufacturing data printed negative figures. Ater the data release the pair rallied towards 1.0766 levels, however gains were limited as the pair has slipped back towards 1.0746 levels.
- Currency pair is trading below downward trend line in 4 hour chart and daily pivot point at 1.0770 which suggests further bearishness for the pair in the short term.
- To the upside, the strong resistance can be seen at 1.0800, a break above will take the pair towards next resistance level at 1.0850.
- To the downside immediate support can be seen at 1.0720 levels, a break below will open gates towards 1.0671 levels.
Recommendation: Go short around 1.0745, targets 1.0680, 1.0 650 SL 1.0800
Resistance Levels
R1: 1.0786 (50% Retracement level)
R2: 1.0800 (Psychological levels)
R3: 1.0850 (61.8% Retracement level)
Support Levels
S1: 1.0720 (38.2% Retracement level)
S2: 1.0671 (Nov 16th low)
S3: 1.0640 (23.6% Retracement level)
