EUR /USD pair made some by hitting high at 1.1078 during mid European session. However, the pair made has made a short squeeze back to trade at 1.1035 levels after US session opened. The resistance level at 1.1140 is set to hold the bulls from advancing further, and bring a decline towards lower level, therefore it's good to sell this pair below 1.1100 levels.
- To the upside, the strong resistance can be seen at 1.1078, a break above this level would take the pair towards next resistance at 1.1140.
- To the downside immediate support can be seen at 1.1035 levels, a break below this level will open the door towards next level at 1.0990.
Recommendation: Go short below 1.1100, targets 1.0990, 1.0930, SL 1.1440
Resistance Levels
R1: 1.1078 (50% Retracement level)
R2: 1.1140 (Sep 17th high)
R3: 1.1230 (Oct 23rd high)
Support Levels
S1: 1.1035 (50% Retracement level)
S2: 1.0990 (38.2% Retracement level)
S3: 1.0930 (23.6% Retracement level)
