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FxWirePro: EUR/USD strongly bearish despite upside attempts, eyes 1.0650 levels

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 …

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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)

 

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