FxWirePro: EUR/USD key resistance at 1.1411, bearish in the short term

EUR /USD pair inched higher against US dollar by hitting daily highs at 1.1411 during mid-European hours, after buyers stepped for a brief period of time. However, the pair slipped back towards 1.1370 levels after breaking support level at 1.1394.The pair's further advances towards higher levels could be limited around 1.1440 levels as the resistance formed lately around 1.1440 levels is likely to act as barrier to the bulls and bring a decline towards lower levels. Therefore, it's good to sell this pair below 1.1410 levels.

• To the upside, the strong resistance can be seen at 1.1411, a break above this level would take the pair towards next resistance at 1.1441(Sep 18th high).
   
• To the downside immediate support can be seen at 1.1360 levels, a break below this level will open the door towards next level at 1.1300.
  
  Recommendation: Go short  below 1.1410, targets 1.1370, 1.1320, SL 1.1470
  
  Resistance Levels
  
  R1: 1.1394 (38.2 % Retracement level)
  
  R2: 1.1411 (Oct 13th high)
  
  R3: 1.1441 (Sep 18th high)
  
  Support Levels
  
  S1: 1.1360 (Daily lows)
  
  S2: 1.345 (50% Retracement level)
  
  S3: 1.1315 (Oct 9th lows)