FxWirePro:EUR /USD rebounds towards 1.0980 levels, outlook bearish
EUR /USD rebounded strongly against US dollar by hitting high at 1.0983 levels, after US retail sales printed slightly negative figures. However, after Feds Dudley comments the pair erased some gains. At the moment the p…
EUR /USD rebounded strongly against US dollar by hitting high at 1.0983 levels, after US retail sales printed slightly negative figures. However, after Feds Dudley comments the pair erased some gains.
At the moment the pair is trading around 1.0957 levels and it is expected to decline towards 1.0900 and 1.0850 levels as the resistance level at 1.0000 is set to hold the bulls from advancing further, and bring a decline towards lower levels in the short term.
To the upside, the strong resistance can be seen at 1.0007, a break above this level would take the pair towards next resistance level at 1.0050 levels.
To the downside immediate support can be seen at 1.0921 levels, a break below this level will open the door towards next level at 1.0900.
Recommendation: Go short around 1.0990, targets 1.0900, 1.0850, SL 1.0100
