FxWirePro: EURUSD gains some upside momentum but bias still bearish

EUR/USD pair has inched higher to trade around 1.0968 levels shrugging off positive US GDP data which came slightly better than forecast at 2.0%. However, further advance is expected to be limited as the pair faces strong resistance at 1.1000 levels and it is expected to decline further towards 1.0920 and 1.0880 levels in the short term.

• To the upside, the strong resistance can be seen at 1.1000, a break above will take the pair towards next resistance level at 1.1060.
   
• To the downside immediate support can be seen at 1.0920 levels, a break below will open gates towards 1.0886 levels.
  
  Recommendation: Go short around 1.0990, targets 1.0920, 1.0880, SL 1.1060
  
  Resistance Levels
  
  R1: 1.1000 (50% Retracement level)
  
  R2: 1.1060 (Dec 12th high)
  
  R3: 1.1116 (61.8% Retracement level)
  
  Support Levels
  
  S1: 1.0920 (Dec 11th low)
  
  S2: 1.0886 (38.2% Retracement level)
  
  S3: 1.0800 (Psychological levels)