The Euro inched higher against dollar in early European session after demand for low yielding currencies like euro increased as the risk sentiment increased in the market.
- However, uptrend was short lived as the pair slipped to hit low at 1.0889 before recovering to trade around 1.0918 levels after weak US CPI data in the early US session.
. - To the downside immediate support can be seen at 1.0874, a break below this level will open the door towards next level at 1.0856.
- To the upside, the strong resistance can be seen at 1.0980, a break above this level would take the pair towards next resistance level at 1.1000.
Recommendation: Go short around 1.0960, targets 1.0900, 1.0850, SL 1.1050
Resistance Levels
R1: 1.0930 (50 % Retracement level)
R2: 1.0980 (61.8 % Retracement level)
R3: 1.1000 (Psychological levels)
Support Levels
S1: 1.0874 (38.2% Retracement level)
S2: 1.0856 (Jan 19th lows)
S3: 1.0812 (23.6% Retracement level)
