FxWirePro: EUR/USD key resistance at 1.1193, sell deals are recommended below 1.1090

The pair is inching higher to test resistance level at 1.1193. EUR/USD is expected to flatter, below the said resistance level, as it has been stronger in the past for the bulls break and advance further. The pair is expected to fall towards 1.1120 and 1.1050 in the short term.

Ahead in the day, US Housing data and Philadelphia Fed manufacturing index data are set to be released, which will add some volatility in the markets.

To the upside, the strong resistance can be seen at 1.1214(Aug 14th high), a break above this level would take the pair towards next resistance level at 1.1250 handle.

To the downside immediate support can be seen at 1.1119 (50% Retracement level), a break below this level will open the door towards next level at 1.1042 (32.8% Retracement level).

Recommendation: Go short below 1.1190, targets 1.1150, 1. 0985, SL 1.1260

Resistance Levels

R1: AnchorAnchor1.1194(61.8% Retracement level)
R2: 1.1214(Aug 14th high)
R3: 1.1245 (June 30th)

Support Levels

S1: AnchorAnchorAnchorAnchor1.1119 (50% Retracement level)
S2: AnchorAnchor1.1042 (32.8% Retracement level)
S3: 1.0952 (23.6% Retracement level)