FxWirePro: EUR/USD key resistance at 1.1328, downside prevails in the short term

>The Euro declined against dollar in European session after Eurozone inflation printed negative figures. However, the pair's rebounded to pare all the losses back, after the release of Core CPI figures from the US market.

>Currently the pair is struggling to break resistance at 1.1303 and is set to fall further downwards. Therefore it's good to sell this pair below the resistance located at 1.1303 levels.

>To the upside, the strong resistance can be seen at 1.1328, a break above this level would take the pair towards next resistance level at 1.1372 (September 14th high) levels.

>To the downside immediate support can be seen at 1.1261 (38.2 % Retracement level), a break below this level will open the door towards next level at 1.1229.

Recommendation: Go short below 1.1303, targets 1.1280, 1.1250, SL 1.1390

Resistance Levels

R1: 1.1303 (23.6% Retracement level)

R2: 1.1328 (September 15th high)

R3: 1.1372 (September 14th high)

Support Levels

S1: 1.1261 (38.2 % Retracement level)

S2: 1.1229 (50% Retracement level)

S3: 1.1194 (61.8% Retracement level)