EUR /USD after hitting monthly highs at 1.1040 has declined to trade around 1.0959 levels. Further the decline is expected to be limited as the pair faces strong support at 1.0830 and it is expected to rebound and reach towards 1.1100 and 1.1150 levels in the short term.Therefore, it's good to buy this pair around 1.0850 levels.
- To the upside, the strong resistance can be seen at 1.0994, a break above will take the pair towards next resistance level at 1.1044.
- To the downside immediate support can be seen at 1.0930 levels, a break below will open the door towards next level at 1.0882.
Recommendation: Go long around 1.0850, targets 1.0900, 1.0150, SL 1.0760
Resistance Levels
R1: 1.0994 (23.6% Retracement level)
R2: 1.1044 (Dec 9th high)
R3: 1.1090 (Oct 10th high)
Support Levels
S1: 1.0930 (38.2% Retracement level)
S2: 1.0882 (50% Retracement level)
S3: 1.0830 (61.8% Retracement level)
