FxWirePro: EUR/USD key resistance at 1.1404, bearish in the short term

EUR /USD has rebounded strongly after falling as low as 1.1322 yesterday. The has pair gained more than 60 pips and is trading in overbought condition. The resistance level at 1.1404 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 1.1400 levels.

• Strong resistance can be seen at 1.1404, a break above this level would take the pair towards next resistance at 1.1450 levels.
• To the downside major support can be seen at 1.1327 levels, a break below this level will open the door towards next level at 1.1280.

Recommendation: Go short below 1.1400, targets 1.350, 1.1270, SL 1.1440

Resistance Levels

R1: 1.1404 (50% Retracement level)

R2: 1.1444 (Sep 17th high)

R3: 1.1476 (61.8% Retracement level)

Support Levels

S1: 1.1327 (38.2% Retracement level)

S2: 1.1280 (Sep 14th high)

S3: 1.1236 (23.6% Retracement level)